"Olam’s long-standing commitment to investment in rural communities, primarily in Africa, has enabled us to become an industry leader in sustainable practices."
- Sunny Verghese, Olam CEO
London, United Kingdom (PRWEB UK) 11 October 2012
Olam International Limited, a leading global, integrated supply chain manager and processor of agricultural products and food ingredients, is pleased to announce that we have won this year’s Africa Investor – ‘Leadership in Sustainable Investment in Africa’ Award. It was presented at the Investment and Business Leader Awards, as part of the Africa Investor CEO Investment Climate Summit (Ai CEO Investment Climate Summit).
The Ai CEO Investment Climate Summit is held annually, in association with the World Bank Group, alongside the World Bank and IMF Annual Meetings. The Investment and Business Leader Awards seek to reward exceptional business practices, economic achievements and investments across the investment spectrum in Africa.
Olam began in Africa 23 years ago, sourcing cashews from Nigeria. Today, Olam has grown from one platform to 16, in a global supply chain that spans over 65 countries. 24 of those countries are in Africa, where Olam provides work for over 25,000 full-time, contract and seasonal staff and handles 4.1 million tonnes of agri-commodities on the continent each year.
The award recognises The Olam Livelihood Charter (OLC), which formalises the company’s long-standing commitment to investing in rural communities in emerging markets. Olam works with 3.5 million small-scale farmers across the globe. We have 110 initiatives to help address many of the issues faced by these smallholders such as poverty and lack of education, food security and basic social amenities. Our primary goal is to move as many of these farmers as possible to the Olam Livelihood Charter Principles to assist with raising incomes through increased yields and crop quality, as well as improved community infrastructure, health services and education.
“Olam’s long-standing commitment to investment in rural communities, primarily in Africa, has enabled us to become an industry leader in sustainable practices. We believe that operating in a sustainable manner and delivering long-term value for continuing shareholders are complementary. This ethos informed the launch of The Olam Livelihood Charter in 2011,” Sunny Verghese, Group Managing Director and CEO, Olam International says.
Key outcomes in 2012 of the initiatives in Africa under the OLC programme include:
- Total farmers involved: 212,377 (+230% on 2011)
- Total hectares farmed: 369,740 (+230% on 2011)
- Interest-free loans granted: US$63.8million
- Training invested: US$4.5million
- Farmer income: US$173.4million paid for crops
- Social investment: 1,900 vaccinations, 8 literacy centres, 1 maternity unit and 1 medical lab constructed, 140 km of feeder roads graded
- HIV/AIDS training: raising awareness to over 17,000 people through the OLC (and 185,000 people across all Olam’s programmes)
Notes for editors
About Olam International Limited
Olam International is a leading global integrated supply chain manager and processor of agricultural products and food ingredients, supplying various products across 16 platforms to over 12,300 customers worldwide. From a direct presence in more than 65 countries with sourcing and processing in most major producing countries, Olam has built a global leadership position in many of its businesses, including Cashew, Spices & Dehydrates, Cocoa, Coffee, Rice, Cotton and Wood Products. Headquartered in Singapore and listed on the SGX-ST on February 11, 2005, Olam currently ranks among the top 40 largest listed companies in Singapore in terms of market capitalisation and is a component stock in the Straits Times Index (STI), MSCI Singapore Free, S&P Agribusiness Index and the DAXglobal Agribusiness Index. Olam is the only Singapore firm to be named in the 2009, 2010 and 2012 Forbes Asia Fabulous 50, an annual list of 50 big-cap and most profitable firms in the region.
It is also the first and only Singapore company to be named in the 2009 lists for the Global Top Companies for Leaders and the Top Companies for Leaders in the Asia Pacific region by Hewitt Associates, the RBL Group and Fortune. More information on Olam can be found at http://www.olamonline.com.