- June 1, 2020
- Posted by: editor
- Category: Uncategorized
Gemcorp has further expanded its partnership with the National Disaster and Risk Management Commission (NDRMC) and is set to supply NDRMC with 200,000 metric tons of wheat. This comes as the company, the newest entry to the supply market was first introduced in early 2018.
So far, the company has managed to supply 900,000 tons of milling wheat and over 23 million liters of edible oil and is now, the most visible partner in the supply of wheat to the Ethiopian government.
“Over the last 18 months, Gemcorp has established a strong and reliable trading platform for agricultural products in Ethiopia and is currently engaged in the supply of both milling wheat and edible oil to both state-owned and private local importers,” Mr. Kostas Armenakis, the Regional Manager of Gemcrop in charge of the Ethiopian market, said.
“We are in Ethiopia for the long haul and are committed to support the Ethiopian Economy to the best of our abilities in various investment and solutions that will enhance the foreign exchange generation in the country, and ensure the sustainable importation of essential products,” he added.
The company has had a footing in serving emerging markets such as the Ethiopian markets which has limited international banks that are operational for such a transaction.
Since founded in 2013, the company has focused on the local market that it describes as being one that “are providing a ‘one-stop’ funding and supply and distribution solution, with the ability to combine large-scale direct lending with physical merchandising services for sovereign and corporate clients alike”.
Last year, Atanas Bostandijiev, the CEO of Gemcorp had an audience with Ahmed Shide, the Minister of Finance on expanding the partnership and on investment opportunities within Ethiopia. Known to invest in areas of financial services and infrastructure, the company is now operational in Moscow, Rostov, Addis Ababa, Cairo, Djibouti, Accra, Harare and Luanda.
Source: The Reporter Ethiopia