AfDB Signs Over $200m Deal with ETG to Promote Agriculture in Africa
As part of its commitment to promote agribusiness in Africa, the African Development Bank’s (AfDB) has signed a $200 million Soft Commodity Finance Facility agreement with an agricultural supply chain firms, Export Trading Group.
This was contained in a communique released by the bank late last week, said the facility will benefit 17 African countries, and it is structured to run as two successive loans of $100 million each with a tenor of up to two years.
The bank aims at helping local farmers and soft commodity manufacturers to produce quality goods that are viable for export.
Speaking at the signing ceremony, AfDB Director General for the Southern Africa Region, Josephine Ngure said the deal would contribute to improving food production in Africa and also add value to it.
She further added that the facility will also contribute to smallholder farmers’ access to inputs. These include seeds and fertilizers, mechanization as well as access to international markets. As a result, farmers will be able to garner significant revenues.
This, in turn, will lead to sustainable process of economic growth and development as well as regional integration through the development of sustainable platforms to supply local and regional markets.
What you should know about ETG
ETG connect farmers with consumer
ETG connects commodities sourced at farm gate to neighbourhood economies; nearby economies to the more extensive marketplace; and developing markets to each other and the world.
Established in Kenya in 1967, ETG has risen as one of Africa’s biggest Farming Aggregates. ETG’s impression grows crosswise over sub-Saharan Africa, North America, Europe, the middle East and South East Asian nations.
ETG activities include facilitation of production of high quality crops, propagating value addition, providing a market for all tradeable surplus commodities and provide consumers with a range of quality yet affordable branded products.