Project Description
IFC is considering an up to US$120 million loan facility to Olam International Limited (“Olam” or the “Borrower”), a global supply chain management group headquartered in Singapore and listed on the Singapore Stock Exchange (SGX: Olam). The proceeds of the loan provided by IFC shall be used for: (a) partial refinancing of existing financial debt of Olam’s subsidiaries in respect of Approved Projects pre-agreed between Olam and IFC; and (b) financing permanent working capital and capital expenditure requirements in respect of Approved Projects. Approved Projects are projects of Olam’s subsidiaries that are pre-agreed between Olam and IFC in the Loan Agreement. Currently, approved projects are expected to consist of the following:
India – Hemarus Industries Limited - Sugar and Cogeneration Facility Acquisition and Upgrade
India – SVI Spices Processing Facility Upgrade
Nigeria – Crown Flour Mill Factory Expansion
Nigeria – Greenfield Cashew Nut Processing Plant
Nigeria – Greenfield Sesame Hulling Unit - Relocation of Existing Facilities and Upgrade