Olam secures $120m IFC loan for India, Nigeria expansion

On Sep 2, 2013

Olam International, a global agric commodities supplier, has acquired a five-year loan of $120 million from the International Finance Corporation (IFC)

The IFC announced the loan approval August 28, 2013 and Olam is expected to use the funds to expand its food processing facilities in Nigeria and India.

The IFC financing will support facilities operated by Olam – Hemarus sugar milling, Kolhapur, India; Spice processing, Cochin, India; Crown Flour Mill, Lagos, Nigeria; Mechanical cashew processing, Illorin, Nigeria; and the Sesame hulling, Lagos, Nigeria.

Officials say these projects will benefit local communities in both countries by generating rural employment and creating new market opportunities for smallholder farmers to sell their crops.

By Ekow Quandzie

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