Lomé, 19 August 2019 - Pan-African banking group ORAGROUP announces a €20 million loan from the AFRICA AGRICULTURE AND TRADE INVESTMENT FUND (AATIF), an investment company specializing in agricultural financing in Africa whose main investors are the German government and the German Development Bank KfW. The funds received by Oragroup will be used to finance private companies operating in the agricultural campaigns in the countries where Orabank Côte d'Ivoire is present (Côte d'Ivoire, Burkina Faso, Guinea Bissau, Mali, Niger and Senegal).
The financing of agricultural campaigns is a strong commitment from ORAGROUP in its willingness to participate in the financing of the real economy while supporting sectors that have an impact on the development of economies.
This financing also supports the Group's efforts, which in 2018 created a Commodities Department within its subsidiary Orabank Côte d'Ivoire with the objective of enhancing its offer of financing for the agricultural sector, whose annual needs are constantly increasing as a result of economic and demographic growth.
In addition, the Group is keen to provide its expertise in this sector on civil and social responsibility issues for an ethical and virtuous use of financing in strict compliance with the control and risk management procedures implemented by the Group in all its subsidiaries.
"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 countries in West and Central Africa (Benin, Burkina, Côte d'Ivoire, Chad, Gabon, Guinea Conakry, Guinea Bissau, Mali, Mauritania, Niger, Senegal, Togo) and in four monetary zones (UEMOA, CEMAC, Guinea Conakry, Mauritania). With 149 banking branches and 1,857 employees, Oragroup offers its 485,000 customers (large companies, national and international, SMEs and individuals) a wide range of banking products and services based on the principles of proximity and responsiveness.
Working towards financial inclusion through the deployment of innovative solutions, Oragroup focuses on previously neglected segments of the population. This commitment is reflected in its CSR approach, which is an integral part of its strategy and a priority for its management bodies, focusing on energy transition, environmental and social risk management, and the well-being of the public and its employees.
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The AATIF Investment Fund is an innovative fund aimed at increasing Africa's agricultural potential through investments in banks or companies. The fund is an initiative of the German Development Bank KfW on behalf of the Federal Ministry for Economic Cooperation and Development (BMZ). The fund aims to improve food security, create jobs and additional income for farmers, entrepreneurs and employees.
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