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Olam signs five-year US$175m loan from IFC
OLAM International has signed a five-year US$175 million loan agreement with IFC, to help finance four food processing facilities in Nigeria and India.
This will support the agri-business group's permanent working capital and capital expenditure requirements for the Hemarus sugar mill and spice processing facilities in India, as well as the sesame hulling and Crown Flour Mill facilities in Nigeria.
Said Olam's group CFO, N Muthukumar, on Tuesday: "These food processing facilities ... help generate local employment and provide a ready buyer at market prices for farmers in the communities. Olam's focus on inclusive growth, enabling economic prosperity and social and environmental sustainability in developing nations, is a perfect fit with IFC's mandate."
IFC is a member of the World Bank Group, and is the largest global development institution focused on the private sector in emerging markets.