IFC invests 80 mn dlr in Indo-Egyptian Fertilizer Co

By PTI | May 30, 2007, 08.10 PM IST

NEW DELHI: Private sector arm of the World Bank Group, International Finance Corporation today said it will invest 80 million dollar in the Indo-Egyptian Fertilizer Company.

The 80 million dollar loan would be from IFC's own account and a loan of up to 170 million dollar from participant banks would be used to set up a phosphoric acid plant in Edfu, in upper Egypt, IFC said in a statement here.

"We are pleased to partner with IFC in this project, which will serve as a catalyst for Egypt's growth and will create jobs. The project will also benefit India by supplying phosphoric acid for its domestic use," the Indo-Egyptian Fertilizer Company Chairman Chandra P Srivastava said.

The project would create almost 350 permanent jobs in addition to about 1,000 jobs during construction. The project would create Egypt's first major facility for manufacturing phosphoric acid, a component of fertilisers, from phosphate rock.

"We hope that our investment will boost international confidence in the quality of Egyptian phosphate rock and encourage foreign investment in this important sector," IFC Regional Director Michael Essex said.

The Indo-Egyptian Fertilizer Company was recently established as a joint venture between the Indian Farmers Fertilizer Cooperative Limited and the El Nasr Mining Company in Egypt.

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