The EBRD loan will enable Olam to purchase agricultural commodities such as hazelnuts, dry dairy products, grain and onions
The EBRD loan will allow Olam to strengthen agribusiness and trade. (Credit: The European Bank for Reconstruction and Development)
Olam International has secured a $200m loan from the European Bank for Reconstruction and Development (EBRD) to strengthen agribusiness value chain and trade in five economies across the eastern Mediterranean, eastern Europe and the Black Sea region.
The EBRD loan will allow the company to purchase agricultural commodities such as hazelnuts, dry dairy products, grain and onions in selected operational countries.
Olam’s local subsidiaries will process, store and distribute goods
Olam’s local subsidiaries will take responsibility for the processing, storage and distribution of these goods.
The European Union and the TaiwanBusiness-EBRD Technical Cooperation Fund will offer donor support to develop new methodologies and processes for climate-related risk management and stress testing in Egypt and Turkey
In March this year, Olam along with John Lewis Partnership, Bewley’s Tea & Coffee and coffee cooperative ASOPEP has launched a new project to support coffee farmers in post-conflict zones in the south-west of Colombia.
As part of the project, a new laboratory and a training centre will be built to raise not only the coffee quality but also the livelihoods of the farmers.
Olam International, a food and agribusiness company, is engaged in the supply of food, ingredients, feed and fibre to more than 25,000 customers in over 60 countries across the world.
Temasek Holdings holds the 53.4% stake in Singapore-based Olam, while the remaining 17.4% stake is owned by Mitsubishi.
Till now, EBRD has invested up to €13bn in more than 740 agribusiness projects, of which 99% are in the private sector.