(Ecofin Agency) - The financing is provided by Canadian development finance institution Findev, which participated in the Export Trading Group's syndicated financing about two years ago.
Export Trading Group (ETG), one of Africa's leading agricultural conglomerates, recently secured a $55 million term loan from Canadian development finance institution Findev Canada. The 5-year fully amortized loan was announced by the Canadian institution last Monday. It will help ETG boost its input supply, agronomic support, training, smart farming techniques development, and local processing services.
For Paulo Martelli, Chief Investment Officer of FinDev Canada, the loan "provides an opportunity for future engagements and increases FinDev Canada’s impact across the African content."
"We are extremely grateful to FinDev Canada for providing us with another facility to increase our efforts. We have built a strong relationship with the institution and look forward to creating a positive impact with their support," commented Anish Jain, ETG's chief treasury officer.
Findev Canada previously supported ETG with partners and institutional investors. In March 2021, the Canadian development finance institution partnered with Dutch FMO and the Austrian development bank OeEB to provide a $115 million syndicated credit facility to Agri Commodities and Finance (ACF), a subsidiary of Export Trading Group. The financing was aimed at strengthening ACF's operations while supporting smallholder farmers on the continent.
Export Trading Group, an integrated agricultural supply chain operator in Africa, has a diversified portfolio in several sectors, including agricultural inputs, logistics, infrastructure, food processing, and supply chain optimization. The group is present in 48 countries on six continents.