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General News of Wednesday, March 20, 2019
Source: dailyguidenetwork.com
2019-03-20
Joseph Boahen Aidoo-CEO of COCOBOD
The Ghana Cocoa Board (Cocobod) has reportedly signed a new three-year, three-year, three-year trade finance facility in the amount of $ 300 million.
A statement issued by the Cocobod Public Affairs Department for DGN Online states that "this facility will be used to refinance cocoa bills raised by the Bank of Ghana on behalf of cocobod and / or to fund programs to improve the production".
He said "the facility will pay an initial margin of 295bps a year.Libor and will include a margin incentive mechanism contingent upon achieving the aforementioned environmental and social goals."
She added that "the fully subscribed facility was put in place by Rabobank U.A. ("Rabobank"), Crédit Agricole Commercial and Investment Bank (CACIB), Natixis ("Natixis") and MUFG Bank Limited. "
According to the statement, DZ Bank and Nedbank have joined the planning group as mandated lead arrenders, adding that the deal had been successfully closed as a result of a targeted syndication process.
The agreement was signed on Tuesday, March 19, 2019.
Joseph Boahen Aidoo, Managing Director of Cocobod, commented on the agreement: "The Ghana Cocoa Council is delighted with the signing of this facility which will greatly contribute to the realization of its sustainability programs in all cocoa areas. improve the social and environmental sustainability of cocoa farming and also improve the livelihoods of farmers. "
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