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CDB provides $500 million loan to Golden Veroleum Limited for Oil Palm Plantation Development Project
| Funder | China Development Bank (CDB) |
|---|---|
| Recipient Organization | Golden Veroleum Limited |
| Country | Liberia |
| Start Date | Mar 13, 2013 |
| End Date | Sep 13, 2031 |
| Duration | 6,758 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 55416 |
Grant Description
CDB provides $500 million loan to Golden Veroleum Limited for Oil Palm Plantation Development Project 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.
Sources & References
- Frequently Asked Questions
- Golden Agri: Liberia Project Gets $500M Loan From China Development Bank
- Challenges of and opportunities from the commodity price slump
- Will Africa Feed China?
- Agribusiness and Food
- Hollow promises: An FPIC assessment of Golden Veroleum and Golden Agri-Resource’s palm oil project in south-eastern Liberia
- RSPO Verification Mission to GVL Liberia (2-13 April 2017)
- GAR14-13-03-2013-Banking-Facility-for-Golden-Veroleum-Limited-of-USD-500-million
- Going Out
- But Going Green? Assessing the Implementation of China's Green Credit Guidelines Overseas
- Ups and downs in palm oil
- Liberia: China Development Bank Official Visit GVL Operation Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
Golden Veroleum Limited
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