Zachary Ochuodho @zachuodho
United Bank for Africa (UBA) Kenya has entered into an agreement with other financiers to support Export Trading Group (ETG) with up to $125 million (Sh12.6 billion).
ETG is an African conglomerate having an integrated agricultural supply chain with business interests in 40 countries across the globe. The deal is part of a syndication of local, regional, and global banks.
Anish Jain, Chief Treasury Officer of the export trading group said the firm values the partnership with UBA, adding that the facility will enhance its contribution to sustainable employment.
He said besides that, the funds will assist in generation of foreign exchange for the economy and ensure income security for local farmers.
The facility is a revolving 12-month resource for working capital purposes targeted at increasing the company’s ability to source and deliver quality farm inputs across Africa.
UBA East and Southern Africa CEO, Emeke Iweriebor, said the deal is in line with the bank’s aim of supporting Kenya’s economic development.