Olam inks five-year $234.66m loan deal with IFC

It’s to finance facilities in India, Nigeria.

Olam has sealed the deal on a five-year loan deal worth US$175m (roughly $234.66m) with IFC, a member of the World Bank Group.

According to the agribusiness company’s news release, the sum will be used to finance Olan’s permanent working capital and capital expenditure requirements for four food processing facilities in Nigeria and India.

The financing will bolster Olam’s Hemarus sugar mill and spice processing facilities in India, and its sesame hulling and Crown Flour Mill facilities in Nigeria.

“This latest investment strengthens our partnership with IFC. These food processing facilities, located in India and Nigeria, help generate local employment and provide a ready buyer at market prices for farmers in the communities,” said Olam’s Group CFO, N. Muthukumar.

"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," he added.