20,000 Smallholder Farmers in Indonesia, Papua New Guinea, Timor-Leste, and Viet Nam to benefit from $163 Million Inclusive Agribusiness Deal
The Asian Development Bank (ADB) and the Japan International Cooperation Agency (JICA) today signed $163 million in loan agreements with Olam International Limited (OIL) and Café Outspan Vietnam Limited (COVL), a subsidiary of OIL. The loans will help improve inclusive and sustainable agricultural value chains, directly benefiting up to 20,000 smallholder farmers in Indonesia, Papua New Guinea (PNG), Timor-Leste, and Viet Nam.
ADB’s assistance includes a $83 million loan to OIL and a $5 million loan to COVL. The project is ADB’s first nonsovereign assistance directly cofinanced by JICA, which will lend $75 million to COVL
Illustration Photo: A farmer picks red coffee cherries in the plantation in Tri Budi Syukur village, West Lampung regency, Lampung province, Indonesia (credits: Ulet Ifansasti / CIFOR / Flickr Creative Commons Attribution-NonCommercial-NoDerivs 2.0 Generic (CC BY-NC-ND 2.0))