Business

UK firm to support Nigerian farmers, others with $100m

CDC Group, the United Kingdom (UK)’s development finance institution and impact investor, has announced a $100 million debt commitment to ETG, an agricultural conglomerate connecting smallholder farmers to global markets through its operations in 48 countries worldwide. The debt commitment will support the growth of ETG’s food and agriculture business and it will help ETG strengthen food value chains by expanding its logistic networks, boosting agriculture yields and the production of staple foods such as grains, rice and cocoa. ETG has long standing relationships with over 550,000 smallholder farmers across Africa, it helps to significantly improve their livelihoods by providing consistent future demand for their produce through access to regional and global markets; this enables their business to grow and ultimately improve their way of life. Operating a two-way logistics model, ETG drops fertilisers at the farmgate – improving crop quality – and then picks up the farmers produce to sell on the global market.

ETG also provides warehousing and distribution centres giving farmers flexibility to store and sell their produce at the optimal time, thereby increasing their income potential substantially. Furthermore, farmers supplying produce to ETG benefit from training, expert farming support and mechanisation, which all lead to significantly improved yields. Its team of agronomists guides farmers on production of higher margin cash crops and crop rotation to ensure year-round stability.

As part of the funding facility, CDC will support ETG’s ongoing efforts towards implementation and alignment with international Environmental & Social standards with enhanced focus on supply chain risk management, safeguarding work and procedures. ETG has strong ESG credentials, recently launching a data driven agricultural intensification pilot project in Kenya to improve farmer productivity whilst enhancing the environmental risk management and climate resilience of ETG Kenya’s food staples. Anish Jain, Chief Treasury Officer of ETG, said: “We are extremely grateful for the support of CDC Group.

ETG is excited to expand its existing presence in various markets and further offer support to communities across our extended footprint. ETG puts special focus on the development of smallholder farmers, linking them with international markets by utilizing its proprietary end-toend supply chain. “Given CDC’s focus on ESG frameworks, this facility marks a solid achievement for ETG to further strengthen its world class supply chain and mitigate risks in its operations. Including this CDC capital commitment, ETG has one-third of the loan book linked with ESG and Sustainability standards.”

Tony Morgan, Managing Director & Head of Private Equity and Corporate Debt at CDC Group, said: “Agriculture and rural development are vital engines that are accelerating Africa’s economic transformation and meeting global food and health needs. As these sectors continue to evolve and grow exponentially, this shift will be bolstered by a diversified, technologically-enabled, and commercially-oriented agro-industry –one that connects Africa’s markets regionally and internationally.

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