Standard Bank supports Westfalia Fruit’s expansion plans with dual-currency funding
18 Apr 2023
Standard Bank is proud to announce that it has participated in a third of Westfalia Fruit International Limited’s (Westfalia Fruit) USD300m dual-currency revolving credit facility. This funding will help the leading sustainable avocado producer further expand its intercontinental footprint whilst exploring new markets across the world.
This transaction will support Westfalia Fruit’s strategic ambitions by allowing the business to retain its leading global avocado producer status and grow in markets where there is opportunity for growth.
Standard Bank executed the transaction alongside the International Finance Corporation (IFC) and HSBC UK and was awarded the title of mandated lead arranger.
With this funding, Westfalia Fruit intends to upgrade its packing, ripening and storage facilities in Africa, South America and Europe to improve access to markets and will continue to place due focus on ensuring sustainability across its production line. As part of its strategy to become carbon neutral by 2030, the company will continue to introduce climate-smart growing techniques that conserve energy and water and reduce pesticide use, as well as use drought- and disease-resilient varieties to address the impact of climate change.
Standard Bank is Westfalia Fruit’s leading banking partner for its South African operations and is pleased to grow its support for Westfalia Fruit’s international business and become a key funding partner both locally and globally. The bank is excited to have delivered a bespoke solution to meet Westfalia Fruit’s specific requirements, demonstrating our strong capabilities to lead and coordinate across different teams.
The global fresh fruit market is expected to grow by 5.53% annually, and this funding will help to meet rising demand and grow the global agriculture sector, providing new jobs across Africa, South America and India.
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