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 $2B CBH deal guarantees growers' pay 

$2B CBH deal guarantees growers' pay

03 Nov, 2008 01:31 PM
WA grain growers can rest assured they will be paid for this year's harvest after the CBH Group announced it had finalised funding facilities totalling around $2 billion.

CBH Group chief executive Imre Mencshelyi said the mix of facilities came from Australia's big four banks – ANZ, Commonwealth Bank, National Australia Bank and Westpac - plus agribusiness specialist, Rabobank.

"Securing this amount of funding amid the current global credit crisis is a major achievement and a reflection of our financial strength and credibility," he said.

"It gives all growers who deliver to our marketing arms Grain Pool and Agracorp the confidence that they will be paid.

"In practice, it gives us the capacity to market and fund virtually the entire Western Australian grain harvest this year.

"Growers can be assured we intend to be in the market for the whole of harvest for all major grains in keeping with our position as a farmer-owned co-operative and the only company in Australia whose interests are totally aligned with growers."

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