The pan-African banking group, Oragroup, on Monday, announced it has raised a € 20 million loan from Africa Agriculture and Trade Investment Fund (AATIF), an investment firm specializing in agricultural finance in Africa, whose main investors are the German government and German Development Bank KfW.
Oragroup will use the funds to finance private companies involved in agricultural campaigns in the countries where Orabank Côte d’Ivoire is present including Côte d’Ivoire, Burkina Faso, Guinea Bissau, Mali, Niger and Senegal.
Oragroup’s decision to invest in agricultural campaigns is in line with the company’s commitment to participate in the financing of the real economy while supporting sectors that have an impact on the development of economies.
The funding will also support the Group’s efforts, which in 2018 created a raw materials department within its subsidiary Orabank Côte d’Ivoire. The objective of Orabank Côte d’Ivoire is to enrich its offer of financing for the agricultural sector, which is blooming continuously as a result of economic and demographic growth.
In addition, the Group is keen to provide in this sector its expertise on the issues of civil and social liability for ethical and virtuous use of financing in strict compliance with the control and risk management procedures put in place by the Group in all of its subsidiaries.
“This funding confirms our commitment to the private sector and agriculture, which are two essential levers for the development of our economies with the key to creating wealth and jobs,” said Ferdinand Ngon Kemoum, CEO of Oragroup.
“We are very pleased with this loan partnership with Oragroup because we are convinced that the development of the agricultural sector requires better access to financing for private operators,” said Dr. Thomas Duve, Chairman of the Board of Directors of AATIF.
