BANK OF AFRICA – BMCE GROUP Provides a Working Capital Loan of $33 million to support ETG Agri Inputs working capital requirements
BANK OF AFRICA – BMCE GROUP has provided a loan of $33 million in favour of ETG Agri Inputs FZE (EAI), a 51% UAE subsidiary of ETC Group (ETG). ETG is a key player in the global agriculture market, with a presence across the supply chain, from Agri Inputs to agronomy services, distribution, and value addition through processing.
Anish Jain, ETG’s Chief Treasury Officer, stated: "We are extremely grateful for the working capital support extended by BANK OF AFRICA – BMCE GROUP. This facility will contribute to increasing emerging farmers’ livelihoods by providing quality agricultural inputs, such as crop enhancing fertilizers and agro chemicals, and training and development on farming techniques designed to increase farmers’ yields, as well as optimize their earnings through creating access to regional and global markets. This working capital loan will allow ETG to strengthen and expand its operations across the agricultural value chain and will support access to critical Fertilizers and agri inputs across Africa."
Mr Said Adren, CEO/MD of BANK OF AFRICA UK, said: "ETC group has been one of our premier customers over the years and we thank them for choosing us as the preferred banking partner for their requirements. As a large trading house sourcing Agri products from the continent of Africa and boosting the productivity and yield of the African farmer, the facility provided to the ETC Group falls right in line with our vision to become the number one financial institution gateway for businesses supporting the overall African trade & economy. This facility is in line with our mission to become a premier African bank, focussed on Commodity / Trade Finance.”
About ETG
ETG has developed into a global player with a diverse portfolio of expertise across various industries, encompassing agricultural inputs, logistics, infrastructure, food processing and supply chain optimization. The group has a global presence of 48 countries spanning six continents. For more information, please visit www.etgworld.com or send a mail to info@etgworld.com
https://www.linkedin.com/company/export-trading-group
About BANK OF AFRICA – BMCE GROUP
Founded in 1959, BANK OF AFRICA – BMCE GROUP is a leading pan-african financial services group. Capitalizing on its ownership by O Capital group, regional leader involved in diverse business sectors with high-growth potential, BANK OF AFRICA – BMCE GROUP is a universal bank with a highly diversified range of operations including retail, commercial, investment banking and specialized financial services such as leasing, factoring, consumer credit and debt recovery. Present in 31 countries including 20 in Africa, the group perpetuates itself through a continental strategy while maintaining an international vocation as it is well positioned in Africa, Europe, Asia and north America. It is today the 3rd largest Moroccan banking institution with over 15200 professionals across its different subsidiaries.
Bank of Africa UK Plc “BoA UK” is wholly owned by Bank of Africa - BMCE Group. With its headquarters in London, BoA UK is a specialist institution linking international finance with the growing opportunities in Africa, via Bank of Africa – BMCE Group and its countries of geographical presence.
To promote its corporate banking activities of Loan Solutions, Trade Finance, and Commodity Trade Finance, the Bank opened in 2018, a Branch in Dubai. The firm’s vision is to bridge the gap in the market to allow seamless capital and investment flows into Africa.
