Olam Global Agri Food Security Support Project (ADB-56198-001)

Countries
  • Bangladesh
  • India
  • Indonesia
  • Nepal
  • Pakistan
  • Vietnam
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Asian Development Bank (ADB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 13, 2022
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Olam Global Agri Private Limited and Olam Global Agri Treasury Private Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 80.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ ADB website

Updated in EWS Jan 30, 2023

Disclosed by Bank Dec 13, 2022

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

ADB proposes to provide a loan facility of up to $80 million to Olam Global Agri Private Limited and Olam Global Agri Treasury Private Limited. The loan will be guaranteed by the ultimate holding company Olam Group Limited. The use of loan proceeds will be earmarked for working capital in Bangladesh, India, Indonesia, Nepal, Pakistan and Viet Nam. The facility will have a maturity of 3 years.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

In January 2020, Olam announced a re-organisation Plan to split the company into three distinct and coherent operating groups that are Purpose-led and future-ready in order to maximise Olam’s long-term value on a sustained basis.

ofi offers sustainable, natural, value-added food products and ingredients so that consumers can enjoy the healthy and indulgent products they love.

Olam Agri is a market  leading agri-business, focused on high-growth consumption markets with deep understanding of market needs, a global origination, trading and marketing footprint, with best-in-class logistics, processing and risk management capabilities. It transforms food, feed, and fibre to create value for its customers, enable farming communities to prosper sustainably and strive for a more food secure future. Operating at the heart of global food and agri-trade flows, it has leading market positions across grains and oilseeds, animal feed and proteins, edible oils, rice, specialty grains and seeds, cotton, wood products, rubber and commodity financial services.

The remaining Businesses of Olam Group comprises:

  • Olam Ventures – an independent incubator for our Engine 2 businesses and start-up growth initiatives such as Jiva (Farmer Services Platform), Adva (Sustainable Lifestyle platform), Terrascope (Smart carbon management Platform), Re~ (purpose brand).
  • Olam Technology and Business Services (OTBS) – delivers digital and technology services to each operating group and will utilise its capabilities to offer services to third-parties in the future.
  • Olam Global Holdco (OGH) – holds and develops our gestating assets with a view to partially and/or fully monetise these assets over time and oversee the responsible divestment of our de-prioritised businesses and assets.
 
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Olam Group Parent Company -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Project Officer
Noorullah
Private Sector Operations Department

Project contact details not available at the time of disclosure.

 

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.adb.org/forms/request-information-form

ADB has a two-stage appeals process for requesters who believe that ADB has denied their request for information in violation of its Access to Information Policy. You can learn more about filing an appeal at: https://www.adb.org/site/disclosure/appeals

ACCOUNTABILITY MECHANISM OF ADB

The Accountability Mechanism is an independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an Asian Development Bank-financed project. If you submit a complaint to the Accountability Mechanism, they may investigate to assess whether the Asian Development Bank is following its own policies and procedures for preventing harm to people or the environment. You can learn more about the Accountability Mechanism and how to file a complaint at: http://www.adb.org/site/accountability-mechanism/main.

How it works

How it works