TDB Group extends $100mln financing to the export trading group to support smallholder farmers in Africa

TDB Group extends $100mln financing to the export trading group to support smallholder farmers in Africa

Nairobi/ Dubai:– The Eastern and Southern African Trade and Development Bank (TDB) has extended a USD 100 million trade finance facility to Agri Commodities and Finance FZE-LLC (ACF), a subsidiary of the Export Trading Group (ETG), one of the largest agricultural supply chain operators in Africa.

In addition to funding the importation of fertilizers and vital agricultural inputs such as seeds to smallholder farmers to increase crop production in member states, the facility will support ETG’s purchase of sesame, coffee, cocoa, soybean, and cashew nuts from exporting smallholder farmers in TDB member states.

In a region where the majority of employment is in agriculture, 285,000 smallholders are expected to benefit from value chain integration as a result, and 350,000 from training on good agricultural practices through various initiatives including this Facility.

The facility will contribute to alleviating the impact of current supply chain disruptions, escalating inflation, and the urgent need for agricultural inputs and food across the region, as well as bridging the trade finance gap on the continent. Furthermore, it will facilitate intra and extra-regional trade flows, and boost forex revenues, to the benefit of member states’ balance of payments.

Michael Awori, TDB CEO, said: “TDB is very pleased to extend this facility