Dalbit International has received a $35 million trade financial package from Bank One of Mauritius. The financial injection will bolster Dalbit’s working capital, supporting the trading of refined petroleum products across East and Southern Africa.
Speaking during the signing ceremony, JCG Chief Treasury and Investment Officer, Divya Bagrecha said: “We are delighted to partner with Bank One to expand our trade finance footprint in Africa. This milestone affirms the standing of Dalbit International Limited as a leading and reliable supplier of refined petroleum products and will support the potential for further growth in the continent. This provision will go a long way towards advancing our impact on the African continent and fulfilling our vision of moving people to a brighter, more sustainable future.”
(TOP: Standing L-R: Pankaj Bajaj, Financial Controller at Dalbit International; Thavin Audit, Acting Head of International Banking at Bank One; Pankaj Dalal Financial Controller Bank One. Seated L-R: Kevin Teeroovengadum, JCG Board Director; Mark Watkinson, CEO at Bank One; Divya Bagrecha, JCG Chief Treasury and Investment Officer; Sachin Jain JCG Chief Financial Officer).
Gerald Ndosi, Head of Trade at Bank One, emphasized: “Our collaboration with Dalbit International echoes our commitment to fortify the Downstream Oil & Gas sector and foster the expansion of African businesses within sub-Saharan Africa. This achievement is a steppingstone towards upcoming working capital financing endeavors, as we steadfastly stand by corporates in the region.”
The milestone was marked by an official signing ceremony at the Bank, attended by senior representatives from Dalbit International Limited including JCG Board Director Kevin Teeroovengadum and JCG Chief Financial Officer Sachin Jain as well as Pankaj Dalal Financial Controller Bank One, alongside Mark Watkinson, CEO at Bank One and Thavin Audit, Acting Head of International Banking at Bank One.
Dalbit International is part of the Janus Continental Group (JCG) and is a market leader and is one of the most prominent regional brands in Africa that is engaged in the procurement, trading, transportation and management of petroleum products in both East and Southern African markets. Dalbit International Limited currently markets a full range of petroleum products including Premium Motor Spirit, Gasoil, Kerosene, Jet A1, Fuel Oil and lubricants and continues to make capital investments to mitigate upcoming challenges, capitalise on emerging opportunities and stay ahead of the industry curve.
Dalbit International is a certification for the import, trading and distribution of petroleum products across the continent.
Bank One is a joint venture between CIEL Finance Limited in Mauritius and Kenya-based I&M Group. Over the last decade, it has built a client base of over 50,000, a dedicated team of over 425 experienced collaborators and an asset base exceeding MUR 45 billion. Bank One provides a wide range of banking products and services to its clients through a geographic footprint spread across the island of Mauritius, comprising of 7 branches and a well-distributed ATM network. It also plays an active role in supporting businesses in sub-Saharan Africa. Bank One has deep development finance institution relationships and long-term funding lines in place with the International Finance Corporation (IFC), the German Investment Corporation (DEG), and the French Development Agency (Proparco). Bank One has been rated ‘BB-‘ with a Stable Outlook by Fitch Ratings.
Bank One actively supports the sub-Saharan Africa’s (SSA) trade flows, with the aim to boost intra-African trade and bridge the SSA trade finance gap.