https://www.myjoyonline.com/eco-business-fund-and-fidelity-bank-partner-to-expand-access-to-finance-for-agribusinesses/-------https://www.myjoyonline.com/eco-business-fund-and-fidelity-bank-partner-to-expand-access-to-finance-for-agribusinesses/
Agribusiness | Banking
eco.business Fund and Fidelity Bank partner to expand access to finance for agribusinesses
1 September 2022 10:13am
The eco.business Fund, an impact investment fund advised by Finance in Motion, has made its first investment in Ghana, extending $15 million to Fidelity Bank.
The senior loan will be on-lent to a wide range of agribusinesses that cover the entire value chain – from food production to logistics and supply chains across domestic staples and export crops – while promoting production and consumption practices that contribute to the sustainable use of natural resources and biodiversity conservation.
The partnership will enable both parties to work together to build the capacity of agribusinesses directly in key value chains.
The partners will strive to promote market linkages, and climate-resilient and sustainable agricultural practices, as well as provide technical support and training to agribusinesses and bank staff.
As a major player in the banking and finance space in Ghana, Fidelity Bank demonstrates its leadership by supporting the growth of the agricultural sector, not just because of the business and commercial opportunities it presents, but most importantly the direct impact it has on job creation, food security, improved livelihood, and gender inclusion.
The bank provides tailor-made solutions to agribusinesses across most value chains with a focus on tree crops, nuts, cereals, livestock production, roots and tubers as well as across agrochemical and input supplies.
The bank's strong commitment to small and medium enterprises (SMEs), financial inclusion, and sustainability make it an ideal partner for the fund.
A country with rich biodiversity and a large share of agriculture in its GDP and employment, Ghana is striving to be food self-sufficient in the coming years.
The country has taken active steps toward sustainability and food security through the adoption of sustainability standards within the agribusiness sector, a focus on domestic production, and key export commodities.
The partnership between Fidelity Bank and the eco.business Fund ascertains the mutual commitment of both parties to delivering on this agenda.
Dr Jens Mackensen, Chairperson of the Board of Directors of the eco.business Fund, said: "We are proud to join forces with Fidelity Bank to support the entire agrifood value chain in export and domestic crops.
The fund's investment not only provides much-needed patient capital to agribusinesses but will also have a positive impact on sustaining employment, improving sustainable agriculture practices and domestic food security."
Commenting on the partnership, the Managing Director of Fidelity Bank Ghana, Julian Opuni noted "We are happy to be forging this strong partnership with the eco.business Fund which will boost the growth of the agricultural sector.
"This reinforces Fidelity Bank's continuous support to the growth of agribusinesses in the country. In addition to the funding, we will also provide capacity building to customers in the agribusiness value chain.
"As an indigenous bank that embodies Ghanaian excellence, we see this partnership as a catalyst for growing the SME sector as it will boost our capacity to support more SMEs in the agribusiness space".
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