COCOBOD has signed a 1.3-billion-dollar syndicated loan with 28 banks to finance the purchase of cocoa beans for the 2020/2021 crop season.
The meeting which was organized via a video conferencing due to the COVID-19 pandemic saw 28 banks participate in this year’s syndication.
The loan has an interest rate of 1.75 percent plus libor.
The loan which must be paid back in seven months is expected to help COCOBOD purchase about 900,000 metric tonnes of cocoa for the season.
Overall, a total of 28 banks made up of four local banks and 24 international financial institutions participated in the syndication.
