TechnoServe and Olam International Renew Shared Commitment to Improving Farmer Incomes
TechnoServe will work with Olam on improving supply chains in strategic agricultural sectors across Africa, Latin America and the Caribbean
DECEMBER 16, 2009 — TechnoServe and Olam International, a global leader in the supply chain management of agricultural products and food ingredients, have agreed to continue and grow their collaborative efforts to promote increased farmer productivity and incomes in Africa, Latin America and the Caribbean.
TechnoServe and Olam will prioritize the cashew, coffee, cocoa and cotton sectors. An example of this work can be found in Tanzania, where TechnoServe and Olam are working to develop a competitive cashew industry. The program is organizing farmers into business groups, helping them produce more high-quality nuts and linking them to premium markets. The yields of the first 1,000 farmers organized into groups have already increased by more than one-third. Fiscal reforms have already allowed one cashew processing plant to reopen, preserving more than 1,000 jobs and a market for 14,000 small farmers.
Specific objectives for the partnership going forward include expanding farmers’ access to markets and financial services, adding value along the supply chain and creating an environment that enables economic growth.
“We are very excited to expand and deepen our partnership with Olam International,” says TechnoServe president and CEO Bruce McNamer. "Our organizations share a vision of building sustainable agricultural industries and developing thriving rural economies that help reduce poverty.”
About TechnoServe: TechnoServe is a leader in a movement that empowers people in the developing world to build businesses that break the cycle of poverty. Growing enterprises generate jobs and other income opportunities for poor people, enabling them to improve their lives and secure a better future for their families. Since its founding in 1968, the U.S.-based nonprofit has helped to create or expand thousands of businesses, benefiting millions of people in more than 30 countries. The Financial Times has rated TechnoServe one of the top five NGOs for corporate partnerships. Charity Navigator has also awarded its highest Four Star ranking to TechnoServe.
About Olam International Limited: Olam is a leading global integrated supply chain manager of agricultural products and food ingredients, sourcing 20 products with a direct presence in 60 countries and supplying them to over 10,600 customers. With direct sourcing and processing in most major producing countries for its various products, Olam has built a global leadership position in many of its businesses, including cocoa, coffee, cashew, sesame, 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 Forbes Asia Fabulous 50, an annual list of 50 big-cap and most profitable firms in the region. More information on Olam can be found at www.olamonline.com.
For more information, please contact:
Andrew Eder, Senior Marketing Communications Coordinator, TechnoServe; Tel: +1 (202) 719-1327; Email: email@example.com.