Olam secures $249.09m term loan from IFC and JICA
Proceeds will be used for the procurement of specific agri-commodities.
Agri-business Olam International and its wholly owned subsidiary Olam Treasury (OTPL) have secured multi-tranche financing facilities aggregating $249.09m (US$176m) from the International Finance Corporation (IFC) and Japan International Cooperation Agency (JICA), an announcement revealed.
The facilities consist of two tranches–a five-year term loan of $169.85 (US$120m) and a seven-year term loan of $79.26m (US$56m).
Proceeds will be used for the procurement of specific agri-commodities from smallholder farmers in Vietnam, Indonesia, Timor-Leste, Papua New Guinea and Uganda, as well as the expansion of Olam’s cocoa processing facility in Indonesia.