CDB provides $500 million loan to Golden Veroleum Limited for Oil Palm Plantation Development Project
Commitment amount
$ 564018276.0949175
Adjusted commitment amount
$ 564018276.09
Constant 2021 USD
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Liberia
Sector
Agriculture, forestry, fishing (Code: 310)
Flow type
Loan
Level of public liability
Unallocable
Infrastructure
No
Category
Project lifecycle
Geography
Description
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.
Additional details
1. The Singapore-listed Golden Agri-Resources Ltd. is the agribusiness and food arm of the Sinar Mas group.
Number of official sources
3
Number of total sources
11
Details
Cofinanced
No
Direct receiving agencies [Type]
Golden Veroleum Limited [Private Sector]
Guarantee provider [Type]
Golden Agri-Resources Ltd [Private Sector]
Loan Details
Maturity
15 years