The syndicated facility of USD 90mln 2.5-year working capital loan will allow ETG to have sufficient liquidity to continue its operations, maintain employment and continue its support to farmers across Africa. A considerable share of ACF's sourcing is from Least-Developed Countries. ETG plays a key role in various agricultural value chains (cashew nuts, sesame seeds, pulses etc.). In Africa, it uses its own supply chain infrastructure to source over 80% of its agricultural commodities at farm-gate and operates processing plants that create value for the local economies. ETG is also one of the largest importers and distributors of fertilizer in Africa, playing an important role in enhancing incomes of African farmers.
Agri Commodities and Finance ("ACF") is the main trading company of ETC Group ("ETG"), a large and diversified agricultural commodity trader and supply chain manager with most of its footprint in Africa. ETC Group became an FMO client in 2019. Since its establishment in 1967 in Kenya, ETG has emerged to become the largest independent agricultural commodity supply chain manager in Africa. The Group owns and manages a vertically integrated agricultural supply chain with operations spanning procurement, processing, warehousing, distribution and merchandising. Globally, ETG operates ~120 processing plants and ~460 warehouses.
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ACCOUNTABILITY MECHANISM OF FMO
Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW). A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism