IFC signs agreement with Indo-Egyptian Fertiliser Company

Kolkata, May 30(UNI) IFC, the private sector arm of the World Bank Group, today signed an agreement to invest in the Indo-Egyptian Fertiliser company.

The 80 million dollar loan for IFC's own account and a loan of up to 170 million dollars from participant Banks will be used to set up a phosphoric acid plant in Edfu, an area in upper Egypt, company sources today said.

The project would create the country's first major facility for manufacturing phosphoric acid, a component of fertilisers, from phosphate rock and promise the use of natural resources and increase industrial exports, a key priority for the Government.

The Indo-Egyptian Fertiliser company was recently established as a joint venture between the Indian farmers Fertiliser Cooperative Limited and the El Nasr Minisng Company in Egypt.

Egypt produces 2.2 million tonne of raw phospate rocks annually--1.4 per cent of global production.

UNI