Richard Ryan Benedicte Gravrand, Opalesque Geneva:
Armajaro Trading, a London-based soft commodity trading house and supply chain manager, received a $55m investment from International Finance Corporation (IFC) and the IFC African, Latin American and Caribbean Fund.
IFC will receive a return of 7.5% above LIBOR on its investment as well as warrants to buy 6% of the company for a nominal price, Armajaro Trading CEO Richard Ryan told Reuters.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. It helps developing countries by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets.
IFC obviously sees that investing in agricultural trading ventures is one of the ways to combat poverty. Especially as there are general concerns about global food inflation. Last week, the World Bank said costlier oil, strong demand from Asia and bad weather had been pushing up global food prices, adding that if current production forecasts for 2012/2013 do not materialize, prices could reach higher levels, Reuters ......................
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