IFC gives $ 215 million loan Jordan-India Fertilizer Company

IFC gives $ 215 million loan to Jordan-India Fertilizer Company

3:04 PM, 7th June 2011
IFC gives $ 215 million loan to Jordan-India Fertilizer Company

 

WASHINGTON, US/AMMAN, JORDAN/LUXEMBOURG: IFC, a member of the World Bank Group, is providing a $ 215 million loan to the Jordan-India Fertilizer Company (JIFCO) to support construction of a state of art phosporic acid plant for the production of fertilizer in Jordan, which will help boost agricultural productivity and create hundreds of jobs. The financing includes a $ 90 million IFC B Loan raised from a syndicate of commercial banks including Ahli United Bank, Europe Arab Bank, Bank Muscat SOAG, Cordiant Capital and State Bank of India, Bahrain.

 

The plant, to be built in the city of Eshidiya, is also being financed through $ 120 million from the European Investment Bank (EIB) and will serve an important role for the global food chain. Its sponsors, Jordan Phosphate Mines Company (JPMC) and India Farmers Fertilizer Co operative (IFFCO), are both involved in sustainable efforts to increase the global food supply.    

 

“IFC played an important role in mobilizing the financial resources needed for the plant, and worked closely to support the success of the project. This plant will provide an important service for both Jordan and India, as well as globally,” said H E Walid Kurdi, Chairman and CEO, JPMC.

 

“We value our relationship with IFC, which has worked with us on a number of projects and proved to be a dedicated partner. IFFCO’s strategic objective is to increase the availability of fertilizers to farmers in India, by entering into ventures with partners, thus ensuring the long-term supply of high-quality nutrients. This objective fits with our mission to deliver high quality affordable fertilizer products to Indian farmers,” said Dr U S Awasti, Managing Director and CEO, IFFCO.

 

In addition to creating over 800 jobs, the new plant is designed with environmental benefits, including highly-efficient production technology that allows the local grid to use the plant’s excess production of electricity. The plant will also recycle water with high efficiency.

© WOC News

 

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