The African Development Bank (AfDB) has decided to lend Olam Group, a global processor of agricultural products, an amount of $80 million for its investment programmes in Ghana, Cameroon, Mozambique and Senegal.
The Bank gave the loan in local currency to the OLAM Aviv Investment Holdings Mauritius, a fully owned subsidiary of OLAM Group.
The AfDB in a statement June 26, 2013 said the senior loan is for the OLAM Africa Investment Programme (OAIP) to deepen the integration of the Group’s agricultural value chain by investments in processing of wheat and palm oil in Africa.
“The programme includes five sub-projects in Ghana, Cameroon, Mozambique and Senegal,” the Bank indicated.
The AfDB says the the OAIP as part of value chain will create 600,000 tons/annum of additional processing capacity, one million tons of palm oil supply chain with matching infrastructure, regional food supply chain as well as 8500 direct and indirect employment opportunities.
By Ekow Quandzie