Category: World

IFC, a member of the World Bank Group, and Olam International, a global integrated supply chain manager and processor of agricultural products in Singapore, August 28, 2013, have signed a five-year US$120 million loan agreement to finance upgrades and expansion of five food processing facilities in Nigeria and India. The projects will benefit local communities by generating rural employment and creating new market opportunities for smallholder farmers to sell their crops.
IFC financing will support the following facilities operated by Olam: Hemmers sugar milling, Kolhapur, India (upgrade), Spice processing, Cochin, India (upgrade), Crown Flour Mill, Lagos, Nigeria (expansion), Mechanical cashew processing, Illorin, Nigeria (new), and Sesame hulling, Lagos, Nigeria (new)