Olam Smallholder Crop Financing (IFC-40675)

Regions
  • World
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
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
Jun 6, 2018
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 INTERNATIONAL 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)
$ 120.00 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.
Other Related Projects
Primary Source

Original disclosure @ IFC website

Updated in EWS Sep 3, 2018

Disclosed by Bank May 3, 2018

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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.

The proposed transaction is an agricultural supply chain financing to Olam International to promote inclusive and sustainable agricultural value chains in SSA, East Asia, and the Pacific. With the proposed financing IFC will support Olam’s efforts to create markets for smallholder farmers in IDA countries, most of whom are unbanked or disconnected from financial systems.

 

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.

Olam International is a leading agri-business operating across the value chain in 66 countries, supplying various products across 18 platforms to more than 22,000 customers worldwide. Headquartered in Singapore and listed on the SGX-ST on February 11, 2005, Olam currently ranks among the top 30 largest primary listed companies in Singapore in terms of market capitalization. It differentiates itself by focusing on niche commodities and businesses, buying from growers and village-level agents at the farm gate, and providing value-added solutions and services to customers (e.g., traceability guarantees).

Olam is listed on Singapore Stock Exchange, and Temasek Holdings, the Singapore sovereign wealth fund (53.6%) and Mitsubishi Corporation (Japan) (17.4%) are the main shareholders. Olam’s management team has a 6.5% ownership in the 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.

Mr. Jayant S. Parade

President & Global Head – Treasury & IR Group Treasurer

Olam International Limited 7 Straits View,

Marina One East Tower #20-01; Singapore 018936

Tel: +65 6339 4100; Fax: +65 6339 9217 E-mail: jayant@olamnet.com

 

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

How it works

How it works