CDC Group, a UK-based development finance institution and impact investor, has announced a $100 million loan to ETG, an integrated agricultural conglomerate present in more than 48 countries. The financing is provided as capital to ETG and is known to be one of the largest corporate debt investments so far made by the CDC group.
“The food and agriculture sector is a fundamental part of the development agenda, increasing the availability and accessibility of agricultural goods, brings more nutritious food to the market, with the longer-term goal of improved food security and nutritional outcomes in countries where we invest. We are delighted to deepen our partnership with ETG and look forward to the tremendous impact and economic development that CDC’s patient capital will support,” said Tony Morgan, Managing Director & Head of Private Equity and Corporate Debt at CDC Group.
According to the International Fund for Agricultural Development (IFAD), Africa is estimated to have 33 million smallholder farms which contribute 70% of the food supply. Greater investment in smallholder agriculture would enable African countries to leverage the sector’s potential, thus growing food production and reducing poverty.
Earlier in March, ETG also obtained commitments from FMO, FinDev Canada, and OeEB (the Development Bank of Austria) who announced a $115 million syndicated loan facility to support critical food supply in Africa through a working capital loan to the integrated agricultural conglomerate.
Solange Che
• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...
• Qatar Airways and Kenya Airways establish strategic agreement, introducing a third daily flight be...
• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boo...
• EY is preparing to leave Francophone Sub-Saharan Africa by 2026• The exit could unlock $500 m...
• Inflation within the West African Economic and Monetary Union (UEMOA) fell to a two-year low of 0....
• Ghana signs a deal with eLearning Africa to expand digital learning access across the country.• The partnership focuses on deploying modern digital...
Ghana launches the Oncology Nurse Leadership Program (ONLEP) to train specialized oncology nurses from seven African countries. The five-year...
Ivanhoe Mines signs deal covering 100% of Kamoa-Kakula smelter’s copper output. The smelter will process up to 500,000 tonnes annually, starting at...
African gas projects drive significant contracts for Asian shipbuilders, especially for Floating Liquefied Natural Gas (FLNG) units. South Korean...
Kolmanskop offers a haunting blend of lost wealth, colonial history, and the unstoppable force of nature. Located just a few kilometers inland from...
Located about 40 kilometers from Cape Town’s city center, Boulders Beach in Simon’s Town is one of the Cape Peninsula’s most iconic destinations. This...