AfDB’s Trade Finance Operation signs US $100-million soft commodity finance facility agreement with the Export Trading Group
The intervention will help local farmers and soft commodity suppliers grow their revenues and produce quality crops for export.
Specifically, the facility will be used to finance the procurement of identified agricultural commodities from over 600,000 farmers. Upon purchase of the soft commodities, the SCFF will provide working capital to ETC thus enabling the company engage in value addition/processing of the soft commodities such as cashew nuts prior to export, and provide funding to procure farm inputs (mainly fertilizer components for blending) to be supplied to farmers so as to ensure consistency and quality of the commodities being supplied to ETC.
Photo: (from left) Mahesh Patel, Executive Chairman, Export Trading Group; Temple Uchegbune and Bleming Nekati of the African Development Bank (Senior Legal Counsel and Chief Trade Finance Officer, respectively); Josephine Ngure, Deputy Director General, Southern Africa Region, African Development Bank; and Birju Patel, Deputy CEO, Export Trading Group. (credit: AfDB)