ETG secures N12bn Ecobank loan to facilitate activities in Nigeria, others

Posted: March 1, 2013 in general

Global soft commodities supply chain manager, the Export Trading Group (ETG) Thursday, has secured US$ 77.5 million (representing N12 billion) trade finance facility from the Ecobank Group.

Documented as a single financing, with local operational terms, the facility will provide local currency financing capacity to each of ETG’s subsidiaries.

The transaction arranged by the Commodity Finance team in London will allow ETG to finance its soft commodity trading activities in nine African countries in Nigeria, Benin, Burkina Faso, Côte d’Ivoire, Guinea Bissau, Nigeria, Niger, Senegal, Togo and Uganda, thereby bolstering its position in core markets, and also to expand into new geographies in West Africa.

Ecobank Group signed the agreement to provide, via a number of its affiliates, the N12billion equivalent multi-currency master trade finance facility to the East Africa-based soft commodity trader.

Commenting, Director and Head Corporate Finance, ETG, Mr. Jean Craven,  expressed excitement over the loan facility just as he revealed that the money would strengthen the company’s activities in the West Africa region.

“ETG embarked on rolling out its West African business two years ago, initially covering 11 countries. With this new Ecobank facility, ETG will be able to strengthen its investment plans and trading activity across the region. We are both excited and thankful for Ecobank’s valuable support,” said Craven.

On his part, Ecobank’s Group Head of Corporate Banking, Mr. Charles Kie, said: “This is a clear demonstration of the strategic advantages afforded by Ecobank’s reach, enabling us to support key clients such as ETG in their pan-African development. By arranging a facility that encompasses numerous jurisdictions and currencies, we have enabled ETG to simplify and streamline its banking arrangements within Anglophone and Francophone markets. We are delighted to be able to assist ETG with its working capital requirements and look forward to building on our relationship in the future.”

The Ecobank Group is also represented in France through its affiliate EBI S.A. in Paris. ETI also has representative office in Beijing, China, Dubai, United Arab Emirates and London, United Kingdom, as well as being listed on the stock exchanges in Lagos, Accra and the West African Economic and Monetary Union (UEMOA), the BRVM in Abidjan.

While ETG owns and manages a vertically integrated agriculture supply chain across the African subcontinent with operations spanning procurement, processing, warehousing, transport, distribution and merchandising.

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