AfDB to conclude disbursement of $150 million to Export Trade Group in support of regional industrialisation efforts


The African Development Bank Group (AfDB) is expected to conclude disbursement of the US$150 million trade and agri-finance package for Export Trade Group (ETG) before the end of August 2023.

The bank and ETG recently signed a US$150 million trade and agri-finance package to support its industrialisation operations in Mozambique, Malawi, Zambia and Zimbabwe, according to a statement from the AfDB.

The statement was issued after the AfDB Group vice president, Solomon Quaynor, concluded a tour of ETG’s southern Africa operations on Friday.

Quaynor, responsible for Private Sector, Infrastructure and Industrialisation, and four others from the Bank, visited ETG’s operations in Mozambique, Malawi, Zambia and Zimbabwe last week.

He described the trip as a development banker’s dream.

Read more: AfDB report projects Zambia as one of five top performers in Africa

“This has been a deeply insightful trip to Export Trading Group’s integrated agro-industrialization operations in Mozambique, Malawi, Zambia and Zimbabwe. With a presence in over 30 countries, this glimpse into ETG’s operations was a development banker’s dream,” he said.

According to Quaynor, the company’s operations in Africa went beyond economic growth.

“They strive to industrialise Africa, develop smallholder farmers, empower women, create jobs, engage with communities, achieve sustainability and develop value chains,” he said.

AETG Chief Executive Officer, Birju Patel, underscored the impact of the partnership with the bank over the last eight years and stressed the Group’s commitment to continue working together to improve livelihoods across Africa.

“Our steadfast dedication to enhancing livelihoods through facilitation of trade and market linkages, infrastructure development, agricultural support encompassing yield-enhancing inputs, agronomy services, and sustainable farming practices training, as well as strategic social investments, remains resolute and unyielding.

“We look forward to strengthening our relationship with the African Development Bank and creating a positive impact for all our stakeholders,” he said.

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