- Absa Group and IFC have launched a 50 million trade finance facility to boost agricultural exports across West and East Africa.
- The facility will support 150,000 smallholder farmers by enhancing their market access for commodities like cashew nuts and sesame seeds.
- Absa CEO Arrie Rautenbach, who led major growth initiatives, will retire in April 2025 after 27 years at the bank.
Absa Group, a Johannesburg-based diversified financial services provider led by South African banking executive Arrie Rautenbach, has partnered with International Finance Corporation IFC, a member of the World Bank Group, to launch a 50 million trade finance facility aimed at supporting agricultural exports across West and East Africa.
The initiative will provide working capital to Singapore-based Valency International Pte Ltd, a key player in Africas agricultural commodities sector, to facilitate the purchase of commodities such as cashew nuts, sesame seeds, shea nuts, ginger, and soya beans.
This announcement follows a recent collaboration between Absa and IFC, which resulted in a 60 million trade finance facility for Volcafe, a leading global green coffee merchant.
Absa, IFC to empower 150,000 smallholder farmersThe commodities will be sourced from an estimated 150,000 smallholder farmers and local traders across Cote d'Ivoire, Nigeria, Ghana, and Tanzania. Smallholder farmers, who manage 80 percent of Africas farmland, often face challenges accessing finance. This facility aims to close that gap and enhance their market access.
IFC and Valency share our strategic vision of supporting Africa's growth and development, said Tshimbi Ntuli, Head of Structured Trade and Commodity Finance at Absa. We believe that partnerships like these are crucial for driving the continents economic transformation.
