Abidjan Stock Exchange-listed banking group ORAGROUP closed USD 222 Mn in loan from the Africa Agriculture and Trade Investment Fund (AATIF) to fund private companies operating in the agricultural campaigns in its countries of operation. Such businesses are in Ivory Coast, Mali, Niger, Burkina Faso, Guinea Bissau and Senegal.
AATIF who borrowed the bank the funds is an investment company that specializes in agricultural financing in Africa, with strong backing from the German government and the German Development Bank.
By financially assisting ORAGROUP, the firm is participating in a commitment towards the financing of the continent’s real economy. The initiative is also in support of sectors that have an impact on the development of African economies.
In 2018, the created a Commodities Department within its subsidiary in Ivory Coast in a bid to enhance the funding of the agricultural sector. This sector is African grows year after year, due to the increase of population and the overall growth of the economy.
ORAGROUP is also willing to provide expertise on civil and social responsibility issues. This effort is in order to ensure the ethical and virtuous use of financing in compliance with the group’s established control and risk assessment procedures.
“This financing confirms our commitment to the private sector and agriculture, which are two essential levers for the development of our economies, creating wealth and jobs,” explains Ferdinand Ngon Kemoum, CEO of Oragroup.
“We are very pleased with this partnership with Oragroup, which is being extended through this loan because we are convinced that the development of the agricultural sector requires better access to financing for private operators,” concludes Dr Thomas Duve, Chairman of the Board of Directors of AATIF.
ORAGROUP is present in 12 African countries, most of which are in West Africa. Operating in 4 monetary zones with 149 banking branches and nearly 2,000 employees, the group aims to foster financial inclusion by deploying innovative solutions.
ORAGROUP’s IPO was the largest ever for the Abidjan Stock Exchange, raising as much as USD USD 88 Mn in the last quarter of 2018. The group is also on the Companies To Inspire Africa 2017 list by the London Stock Exchange Grup.
Featured Image: The National