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ICA /Benin – cotton pre-export financing
02 March 2011
Providing Benin with global access
In January 2010 HSBC structured a a15 million ($21 million) to provide working capital finance for the 2009-2010 cotton crop in Benin. The deal allowed the borrower, Industries Cotonnières et Associées (ICA) group of companies, access to offshore cost-efficient funding within a relatively short timeframe. It also enabled ICA to pay the producers and secure adequate supply of raw materials at a time when local African loan rates were prohibitively high.
The ability of HSBC to structure the package and tailor it to transform a developing country...
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