OFID helps Phoenix Group expand rice business across Asia and Africa

April 25, 2018, Vienna, Austria. OFID is working with Standard Chartered Bank to support the Phoenix Group, a global agricultural and food company, as it expands its rice business in Asia and Africa. Standard Chartered Bank, Singapore, is leading a seven bank consortium providing a US$205 million borrowing base facility.

OFID's Head of Private Sector and Trade Finance Department Operations Tareq Alnassar said the transaction represents an important step in the relationship between OFID, the Phoenix Group and one of OFID's important existing strategic partners, Standard Chartered Bank. The trade facility supports two of OFID's key objectives: improving food security and strengthening South-South trade, with the main beneficiary countries being in Africa.

Phoenix Group Chairman Gaurav Dhawan said: "This is a unique bespoke facility, centered around [our] rice business to Africa and allowing the flexibility for value capture across the entire chain from primary domestic procurement in Asia to downstream import and wholesale distribution in Africa. The facility is targeted today at Mozambique, Benin and Ivory Coast as destinations and India as origin, but can be expanded very easily across geographies."