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BACB seals "ground-breaking" transaction in Côte d'Ivoire

Paul Hartwell, chief executive, BACB (Source: BACB)

British Arab Commercial Bank (BACB) has concluded a pre-export finance facility deal worth up to €25mn (US$27mn) with prominent Ivory Coast cocoa exporter Société Amer et Frères (SAF)

The 18-month transaction is secured on stocks of cocoa, with funds used by SAF Cacao to purchase cocoa from growers and local cooperatives through the 2015/16 and 2016/17 harvests.

Paul Hartwell, chief executive of BACB said, "We are very pleased to be partnering with SAF Cacao to bring international finance and employment to the cocoa sector.

"Côte d’Ivoire is a major player in the cocoa sector and within Francophone Africa, making it a very important target market for us.

Ali Lakiss, managing director of SAF Cacao, added: "We are delighted to have concluded this ground-breaking transaction with BACB. Access to international

financial markets will be critical to our growth in the coming years and will allow us to maintain our position as the largest domestic cocoa trader in Côte d’Ivoire."

BACB will mark its presence in the market with an official launch in Abidjan in November.

Established in London in 1972, BACB is a wholesale bank and established provider of trade finance and treasury services to Africa and the Middle East.

In 2009, it changed its corporate status from a that of a private to a public company.

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