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RMB's loan facility for Tanzania

Rand Merchant Bank (RMB) has arranged a US$100m syndicated loan facility for the trading arm of Mohammed Enterprises Tanzania Limited (MeTL)‚ one of Tanzania's largest diversified conglomerates.

28 Jan 2013

The loan will facilitate MeTL's trade in commodities into and out of East Africa‚ many of which are used by the group to manufacture a range of retail-related products.

The loan‚ which is syndicated together with other banking partners‚ China Construction Bank‚ Citibank and Nedbank‚ is one of the largest loan facilities provided for the trading of commodities in East Africa and will provide much needed working capital in a region where it is not always easily accessible.

"The loan highlights RMB's presence on the African continent as an indigenous African bank partnering with an indigenous African company and demonstrates RMB's capacity to originate‚ arrange and structure commodity trading deals of this nature and magnitude‚ as well as getting suitable funding partners on board‚" says RMB's head of Trade and Working Capital‚ Gregory Havermahl.

"We are proud to assist one of Africa's foremost importers and exporters in their growth strategy," he added.

RMB is focused on expanding regionally in Africa and the loan complements the recent establishment of an on-the-ground presence in Tanzania of retail and commercial bank First National Bank‚ part of the FirstRand Group‚ alongside RMB.

Source: I-Net Bridge

For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.

We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.

Go to: http://www.inet.co.za