FINANCING SOLUTIONS

FOR AGRICULTURE
AFRICA

“We provide companies in

the agricul­tural sector with
the debt and private equity
capital financing they need
to grow their business.”
Gaëlle Bonnieux
Head Agriculture Debt Financing
 TAILOR-MADE FINANCING SOLUTIONS

OUR OFFERING Eligibility for investment includes the following criteria:

responsAbility is a leading financing partner in the sustainable
agriculture sector in developing economies. Through our
managed funds we offer customised debt and equity financing
covering the diverse needs of actors along the agricultural
value chain that improve livelihoods in rural areas. By helping
clients to increase productivity, gain access to higher-paying
markets and achieve more balanced trading relations,
responsAbility managed funds maximise their development
impact while optimally capturing investment opportunities.
• Contribute to economic development of low income
population in rural areas through productivity
improvement and access to market
• Sustainable business models within the agricultural
­value chain
• A clear commitment to environmental and social criteria
• Annual financial reports audited by a reputable company
(last 3 years)
• Ability to provide annual financial projections

SERVICES CLIENT BENEFITS

• S hort term financing, to finance inventory and receivables,
pre export and export Tailor made solutions adapted to your business model
• Long term financing, to finance the purchase or
construction of property, plan and equipment Increasing amounts to help you grow your business
• Sub-debt financing
• Equity financing Ability to provide long term solutions for capex
• Technical Assistance
A dedicated team of experts recognised for its attentiveness,
proximity and ability to react quickly to client needs

TERMS & CONDITIONS

Working capital Long term financing

Purpose Financing of inventory, receivables advances Construction or acquisition of land, property,

to suppliers equipment

Amounts Minimum 1 million USD Minimum 1 million USD

Tenor Up to 12 months Up to 7 years

Currency USD, EUR USD, EUR

Interest rate Market rates Market rates

Collateral • Sales contract assignment • Pledge on fixed assets

• Floating charge on assets • Pledge on loan portfolio
• Collateral management agreement • Trust agreement
• Guarantee mechanisms

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 A GLOBAL PLAYER ACROSS THREE SECTORS

responsAbility Investments AG is one of the world’s leading
asset managers in the field of development investments.
The company’s investment solutions supply debt and equity
financing to companies in emerging and developing
economies.
RESPONSABILITY FOCUSES ON THREE INVESTMENT SECTORS:
Agriculture, financial services and energy, and on companies
with inclusive business models that help to meet the basic
needs of broad sections of the population and to drive
economic development – leading to greater prosperity in the
long term.
responsAbility has over USD 3 billion of assets under
management, invested in more than 560 companies across
96 countries. Founded in 2003, the company is
headquartered in Zurich and has local offices in Bangkok,
Geneva, Hong Kong, Lima, Luxembourg, Mumbai, Nairobi,
Oslo and Paris. Its shareholders include a number of reputable
institutions in the Swiss financial market as well as its own
employees. responsAbility is registered with the Swiss
Financial Market Supervisory Authority FINMA.

AGRICULTURE FINANCING ACROSS 44 COUNTRIES AND 56 COMMODITIES

CENTRAL ASIA
EUROPE 5.9 %
OTHER 1.0 %
18.3%

MIDDLE EAST &

ASIA-PACIFIC
NORTH AFRICA
20.9 %
7.6 %

LATIN AMERICA
31.9 %
SUB-SAHARAN
AFRICA
14.4 %

Investment volume per country Investment volume per region

as of 29.09.2017 in % of total, as of 29.09.2017

more than 3 % 1–3% less than 1 % %

Coffee Nuts Cereals Fruits Vegetables Cocoa Oilseed

 Page 3
 FINANCING YOUR GROWTH
SOLUTIONS FOR COMPANIES ALONG THE ENTIRE VALUE CHAIN

Faced with changing market requirements reflecting increasing
demand, shifts in diets and international product standards,
actors along the agricultural value chain need flexible
financing suited to their specific needs to address emerging
challenges, leverage new opportunities and successfully grow
their business.
Financing solutions are adapted to the different requirements
of companies along the agricultural value chain, including
Our partners can choose from financing solutions with
different maturities, innovative and flexible collateral
structures, currency hedging and transparent terms and
pricing structures.
We grow with our clients. Where required, we also offer
technical assistance and advisory services, for example,
in relation to business plans or structuring capital.

• pre-harvest financing
EXAMPLE OF EXPORT SALES CONTRACT ASSIGNMENT
• export-related financing
• asset financing Exporter

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responsAbility Buyer
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Production Processing & Distribution &

Producers
factors Logistics Retail

• Input providers • Farms • Processors • Traders

• Equipment providers • Producer organizations • Warehousing • Retailers
• Transport
• Packaging services

Increase yields Boost Fair access

and quality trade to market

Short term financing:

Financing of inventory, receivables advances responsAbility Financial
to suppliers. managed funds Institutions
Long term financing:
Construction or aquisition of land,
property and equipment.

 Page 4
 FINANCING WITH IMPACT
responsAbility managed investments along the agricultural
value chain are guided by a focus on several key impacts
benefiting its investees and their communities as income
gains for farmers translate into improved livelihoods, growth
and employment and reduced environmental impacts.
PRODUCTION FACTORS & PRODUCTION
Agricultural finance can help producers achieve higher and
more stable incomes through improved productivity and soil
fertility as well as reduced vulnerability to external shocks like
pests, diseases and drought. Thanks to the cash cushion
provided by responsAbility managed funds, farmers do not
have to sell their produce immediately after harvesting, when
prices are lowest, but can negotiate better prices with buyers.
HOW TO OBTAIN FINANCING
We select investments based on a tried and tested approach
that enables us to respond to your financing needs in a quick,
efficient and flexible way.
Our experienced team of dedicated local experts can complete
the financing process within 6 – 8 weeks. Drawing on their
deep understanding of local markets and commodities, they
can cater to individual requirements and ensure that we
provide a stable source of financing that helps to diversify our
partners’ borrowing profile.
Our investment officers and transaction managers maintain
close relationships with our counterparties at all times t­o
anticipate and respond quickly to any arising needs or
difficulties.
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PROCESSING & LOGISTICS
By supporting organisations involved in processing, packaging,
transport, or storage, agricultural finance helps to add value to
raw agricultural products, thus raising the prices that local
farmers receive. It can enhance the efficiency of supply
chains, by optimising the use of natural resources, such as
agricultural land and water, and reducing energy and food
waste, thereby mitigating negative environmental impacts. It
can also create new employment opportunities by enabling the
development of distribution networks.
DISTRIBUTION & RETAIL
Agricultural finance helps producers gain better access to
markets by financing traders. Traders also help suppliers to
better match demand by keeping track of changing consumer
preferences, market conditions, standards and regulations,
and to tap more secure and higher-paying markets.
Review of financial and corporate information
to confirm eligibility
Due diligence including inspection
of facilities and meetings with the management
Investment Committee decision
Final negotiations and signing
of legal documentation
Disbursement to the counterparty
Ongoing monitoring and assistance
 “CAJOU ESPOIR, CASHEW PROCESSOR, TOGO”

“Farmers tend to sell their

raw cashews to the first
­buyer who offers them cash
for their ­produce. Without
­financing from funds ­managed
by ­responsAbility, readily
­disbursed at the beginning of
the ­season, we wouldn’t be able
to buy enough nuts at harvest
time to keep our factory run-
ning ­throughout the year.”
Maurice Edorh
Director of Cajou Espoir, Togo

 Page 6
 YOUR REGIONAL PARTNER
SUB-SAHARAN AFRICA

ABOUT THE REGION

responsAbility has been operating in Sub-Saharan Africa for
five years and has provided funding to agribusinesses in
10 countries across the region. Our managed funds have
financed more than 17 commodities in Africa to date and have
a comprehensive understanding of agricultural commodities
and their cycles thanks to our teams of commodity and market
research specialists and our dedicated, experienced
professionals on the ground.
responsAbility managed funds invest in companies active
along the entire agricultural value chain that increase
agricultural productivity and promote sustainable practices by
providing fair wages and working conditions as well as
minimising environmental degradation. Our strong
relationships with upstream and downstream partners give us
detailed insight into our clients’ operations and market
developments as they unfold.

USD 223 M
INVESTED VOLUME
10
COUNTRIES

30
COUNTERPARTIES
17
COMMODITIES

“Our goal is to build strong

­business and trust relationships
with our clients by understand-
ing our markets and delivering
optimal financing solutions”
Shiru Mwangi,
Regional Head – Agriculture Debt Financing

 Page 7
 YOUR REGIONAL TEAM
SUB-SAHARAN AFRICA

Shiru Mwangi Andrew Mwangi

Regional Head – Junior Investment Officer –
Agriculture Debt Financing Agriculture Debt Financing
Email shiru.mwangi@ Email andrew.mwangi@
responsAbility.com responsAbility.com

Expertise Expertise
• More than 18 years’ experience in corporate and • Experience in structured trade finance, financing of the
investment banking with a focus on lending, global coffee, cocoa, cashew and macadamia value chains, and
markets and project finance financial and operational risk assessment
• Regional knowledge of East Africa from the management
of teams in Kenya, Uganda, Tanzania and Mauritius as
well as non-presence for Rwanda and Ethiopia
• 5 years’ experience as an agribusiness investor focusing
on production, out-growers and export of fresh produce

 Page 8
Legal disclaimer
This information material was produced by responsAbility Investments AG and / or its affiliates with the greatest of care and to the best of its knowledge and belief. However,
responsAbility Investments AG provides no guarantee with regard to its content and completeness and does not accept any liability for losses which might arise from
making use of this information. The opinions expressed in this information material are those of responsAbility Investments AG at the time of writing and are subject to
change at any time without notice. If nothing is indicated to the contrary, all figures are unaudited. This information material is provided for information purposes only and
is for the exclusive use of the recipient. It does not constitute an offer or a recommendation to buy or sell financial instruments or services and does not release the
recipient from exercising his / her own judgment. The recipient is in particular recommended to check that the information provided is in line with his / her own circum-
stances with regard to any legal, regulatory, tax or other consequences, if necessary with the help of a professional advisor. This information material may not be
reproduced either in part or in full without the written permission of responsAbility. It is expressly not intended for persons who, due to their nationality or place of residence,
are not permitted access to such information under local law. Neither this information material nor any copy thereof may be sent, taken into or distributed in the United
States or to any U. S. person. Every investment involves risk, especially with regard to fluctuations in value and return. Investments in foreign currencies involve the
additional risk that the foreign currency might lose value against the investor’s reference currency. It should be noted that historical returns and financial market scenar-
ios are no guarantee of future performance.

Copyright © 2017, responsAbility Investments AG. All rights reserved.

responsAbility Investments AG
Josefstrasse 59, 8005 Zurich, Switzerland
Phone +41 44 250 99 30, Fax +41 44 250 99 31
www.responsAbility.com