Overview

CDB provides $500 million loan to Golden Veroleum Limited for Oil Palm Plantation Development Project

Commitments (Constant USD, 2023)$516,985,646

Commitment Year•2013Country of Activity•LiberiaDirect Recipient Country of Incorporation•LiberiaSector•Agriculture, Forestry, FishingFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Mar 13, 2013

Start (actual): Mar 1, 2013

Last repayment (originally scheduled): Dec 29, 2027

Geospatial footprint

Map overview

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More detailed locational information can be found at https://www.openstreetmap.org/way/299564659#map=13/5.1577/-9.0762

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Policy Banks

China Development Bank (CDB)

Receiving agencies

Private Sector

Golden Veroleum Limited

Guarantors

Private Sector

Golden Agri-Resources Ltd

Loan desecription

CDB provides $500 million loan to Golden Veroleum Limited for Oil Palm Plantation Development Project

Interest type•UnknownMaturity•15 years

Narrative

Full Description

Project narrative

In March 13, 2013, Golden Agri-Resources Ltd announced that Golden Veroleum Limited had procured a term loan facility from China Development Bank Corporation in an aggregate principal amount of $500 million with a maturity of 15 years. GVL is owned by The Verdant Fund LP, a private equity fund registered in the Cayman Islands. Golden Agri-Resources Ltd, the initial and currently the only investor in the Verdant Fund LP, provided a corporate guarantee for the $500 million CDB loan facility. The proceeds of the CDB loan facility were to be drawn in stages over 6 years of availability period and applied solely towards the development of an oil palm plantation and related infrastructure in Liberia. In August 2010, the Government of Liberia (GoL) awarded Golden Veroleum Limited a 65-year oil plantation concession. The concession area contains development areas with a total surface area of 220,000 ha within an overall area of interest of 350,000 ha. The concession affects five counties of South-East Liberia: Sinoe, Grand Kru, River Cess, River Gee and Maryland.

Staff comments

1. The Singapore-listed Golden Agri-Resources Ltd. is the agribusiness and food arm of the Sinar Mas group.