Standard Chartered Bank is mandated lead arranger (MLA) in a US$120m structured soft commodity syndicated loan for the Export Trading Group (ETG). The International Finance Corporation (IFC) and the OPEC Fund for International Development join Standard Chartered Bank as participants in the transaction.
The ETG is one of the largest integrated agricultural supply chain companies in Africa with a primary focus on agriculture. The group and its affiliated companies employ over 7,800 staff.
The loan will be used to finance the trade of soft commodities in multiple African markets, e.g. Tanzania, Zambia, Kenya, Malawi and Uganda, as well as India and China, and will support economic growth and food security.
Standard Chartered’s experience in structured agricultural finance products, along with its footprint across Africa, Asia and the Middle East, positions it perfectly to support valuable relationships such as the ETG.
“This deal demonstrates Standard Chartered Bank’s commitment to the development of the agricultural sector across Africa by supporting the growth needs of our core clients. It reinforces Standard Chartered’s brand promise of being ‘here for progress’,” said Anil Dua, head of origination and client coverage for Standard Chartered in Africa.
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