Dubai – Mubasher: The Dubai-based Phoenix Group, an agricultural and food company, on Wednesday announced obtaining a $205 million borrowing-base loan.
The loan was given by a group of seven institutions, led by Singapore’s Standard Chartered, First Abu Dhabi Bank (FAB), BNP Paribas, RaboBank, ICICI Bank, Shinhan Bank and the OPEC Fund for International Development, according to Reuters.
“The company will use the financing to expand its rice business in India, Asia and Africa,” the international news agency reported.
Established in Singapore in 2000 as a rice trading company, Phoenix Group operates in 22 countries.
