Finance

ETG Group gets $100 million from CDC Group to support farmers in Africa

Wednesday, 12 May 2021 12:08
ETG Group gets $100 million from CDC Group to support farmers in Africa

(Ecofin Agency) - 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.

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