AGRIBUSINESS | Staff Reporter, Singapore

Olam gets US$163m loan from ADB and JICA

The proceeds will be used mainly on Café Outspan Vietnam Limited.

Olam International secured medium term financing facilities worth US$163m from the Asian Development Bank (ADB) and Japan International Cooperation Agency (JICA).

According to an announcement, the facilities consist of two tranches: a US$83m, five-year facility and a US$80m, seven-year facility for Café Outspan Vietnam Limited (COVL), a wholly owned subsidiary of Olam.

Proceeds from the Facilities will be applied towards capital expenditure and permanent working capital requirements of the Company and COVL in Vietnam, Indonesia, Timor-Leste and Papua New Guinea.

Olam Treasury & Investor Relations president and global head Jayant Parande said, “Developing formal value chains is essential for farmers in Asia and the Pacific to integrate with the global economy and increase the value of their products. ADB’s and JICA’s partnership with Olam and COVL will help smallholder farmers expand their production and operations – improving livelihoods by promoting inclusive and sustainable development.”

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