Gemcorp wins bid to supply wheat to Ethiopia.

Gemcorp, the London based company with trading hubs in Dubai and Geneva, announced today winning yet another bid to deliver 200,000 metric tons of wheat to the National Disaster and Risk Management Commission of Ethiopia.

Gemcorp won the recent bid by the government of Ethiopia to boost its wheat reserve. The companies, which will supply the wheat will get the payment within two years, according to the the bid. Gemcorp first entered the Ethiopian Market in early 2018, with a strong commitment to support the economy and invest in Ethiopia. Since July 2019, Gemcorp successfully delivered 900,000 tons of milling wheat and over 23 million liters of edible oil to Ethiopia since the second quarter of 2018. Mr. Kostas, Regional Manager of Gemcorp in Ethiopia stated, “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.”

Gemcorp’s physical presence in Addis Ababa and Djibouti is one of its unique operational and strategic advantages that allowed the company to ensure reliable communication and control during import operations and movement of goods from their origin to the final end users throughout Ethiopia. The new win of 200,000 metric tons of wheat is proof of our reliability, credibility and competitiveness.

Mr. Kostas also added, “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.”

Gemcorp serves emerging markets where international banks and merchants typically have constrained appetites. As an African specialist, Gemcorp recognizes the complexity of these emerging markets and has been developing creative, tailored solutions to meet the needs of sovereign governments and corporate entities by carefully listening to and understanding their challenges.

“As such, we 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. We pride ourselves of our ability to develop relationships based on trust and reliable delivery of promised services with key strategic governments and growth focused groups in target markets.” Added Mr. Kostas.

Ethiopia has been net wheat importer for the past several years spending hundreds of millions of dollars every year. Currently the country is aggressively working to make wheat import history boosting its production using irrigation and by channeling thousands of youth into modern farming business.

The company stated that Gemcorp is a trade and supply chain solution provider, with the ability to combine large-scale financing with physical trading services for sovereign and corporate clients alike. The company said it manages challenging supply chains, often self-originating customized solutions and exercising physical product control across the supply chain. It is stated that with deep financial and structuring expertise, the company also providing bespoke solutions with extensive control and risk mitigation via covenant and security structuring.

GemCorp stated that its approach has several benefits for our clients, investors and stakeholders. “For our clients, it means access to tailored solutions that meet their often unique and complex needs via one provider, which has positive implications both on pricing and flexibility. From an investor perspective, it gives us more control over our credit, with better protection and higher lending standards, but also more profit per level of risk. For stakeholders, our approach means that we can ensure and enforce high standards across our supply chain, given we have 100% visibility of our operations,” the company stated.

Gemcorp was founded in 2013 and is headquartered in London, with trading hubs in Dubai and Geneva. It also has a local presence through offices or strategic partners in Moscow, Rostov, Addis Ababa, Cairo, Djibouti, Accra, Harare and Luanda.