United Bank for Africa Kenya (UBA Kenya) has partnered with local, regional, and global banks, joined a Financing Agreement of up to Ksh. 1.25 billion (USD 125 Million) with Export Trading Group (ETG). ETG is an African Conglomerate having an integrated agricultural supply chain with business interests in 40 countries across the globe.
The facility is a revolving 12-month facility for working capital purposes towards increasing the company’s ability to source and deliver quality farm inputs across Africa.
Speaking during the announcement, CEO for UBA East and Southern Africa, Mr. Emeke E. Iweriebor, exuded “As a Pan-African Financial institution, this collaboration is in line with our strategic intent of supporting Kenya’s economic development; through financing various initiatives that further lend support to the country’s infrastructure, education, healthcare, manufacturing, and food security pillars. This facility will enable the Bank to reach many farmers indirectly through ETG further showcasing our commitment to supporting home-grown African businesses in their growth plans wherever they see opportunities.”
Export Trading Group (ETG) was founded in 1967 and it manages a agriculture supply chain on the African subcontinent with operations spanning in procurement, processing, warehousing, distribution and merchandising. ETG is present across 26 African countries and 40 countries globally. It is actively present in North America, India, China and South East Asia. Mitsui & Co. Ltd currently holds shareholding in ETC Group which demonstrates strong confidence and potential of ETG.
UBA Kenya is a subsidiary of UBA Plc and is licensed by the Central Bank of Kenya. The Bank has been operating in Kenya since 2009 offering a full range of banking products and solutions.