(Ecofin Agency) - Nigerian banking group United Bank for Africa (UBA) has entered into a $125 million financing agreement with Export Trading Group (ETG), which manages an agricultural supply chain and carries out food import and export activities with nearly 35 countries around the world.
This facility is backed by additional aid from international financial institutions and local African banks. These resources will be used to strengthen ETG's financing needs and support its activities in the procurement, processing, storage, transport and distribution of agricultural products on the continent and in other regions of the world.
“We value the partnership with UBA. This facility enhances ETG’s contribution to sustainable employment, generation of foreign exchange for the economy, ensures income security for local farmers, and assists ETG’s goal to sustain global food security,” commented Anish Jain, Head of Treasury at Export Trading Group.
In 2017, Export Trading Group purchased and distributed nearly 6.6 million tons of staples in its main operating markets.