Dutch Bank funds Loc Troi Group with $90 mln for sustainable agricultural production
Dutch Entrepreneurial Development Bank (FMO) has okayed a $90-million credit package for Loc Troi Group JSC (LTG), a leading agricultural services and food corporation in Vienam, to advance sustainable agricultural production.
The signing ceremony for the loan was held in Hanoi Thursday. Among the dignitaries present were Prime Minister Pham Minh Chinh and Dutch Prime Minister Mark Rutte.
The credit package will be used for both short-term and long-term purposes. Short-term credit will finance activities linked to sustainable rice production; while medium- and long-term credit for agricultural infrastructure, including machinery and warehouses at 10 member rice factories in the Loc Troi agricultural ecosystem.
Loc Troi Group JSC and Dutch Entrepreneurial Development Bank (FMO) sign a letter of intent for a $90 million credit package to support sustainable rice development in Vietnam, Hanoi, November 2, 2023. Photo courtesy of Loc Troi.
The two sides said their cooperation will support efforts to improve farmers' lives, ensure food security, enhance climate adaptation and reduce greenhouse gas emissions by promoting sustainable agricultural development.
For the latest package, FMO, a credit institution rated "AAA" by the world's two leading rating agencies, Fitch and Standard & Poor's, carried out a careful and detailed reality verification process according to international standards on environmental protection, social stability and transparent governance.
FMO experts visited Vietnam several times and independent international appraisal units directly inspected LTG's factories in the Mekong Delta localities. Hundreds of online meetings were held between the two sides. The Dutch lender interviewed personnel from various Loc Troi departments including human resources, purchasing and logistics, apart from the ultimate beneficiaries and farmers.
On the unlisted public company market (UpCOM), LTG closed the Friday session at VND22,900 ($0.93).
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