Golden Agri-Resources, part of Indonesia’s Sinar Mas Group, said the government of Liberia and Golden VerOleum (Liberia) Inc. plan to invest US$1.6 billion ($2.15 billion) in oil palm plantations in the African nation.

 

The partners are seeking other investors to contribute to the planned spending, according to a statement filed today by Golden Agri-Resources to the Singapore stock exchange. VerOleum is a unit of Verdant Fund LP, in which Golden Agri-Resources is an investor, according to the statement.

 

The investment is expected to help small farmers in sustainable planting and will create more than 35,000 jobs, the statement said.