Jul 13 2009 |
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Jafcco finalises $45m financing loan through syndicate facility
Jordan Al Abyad Fertilizers and Chemicals Company (Jafcco) finalised a $45 million (Dh165m) financing loan through a syndicate facility led by Jordan Ahli Bank , a statement said.The financing facility will be utilised to expand and diversify the production of fertilisers and chemicals and their high-value derivatives to provide products that are increasingly in demand, which will be sold locally and internationally.
The syndicate facility agreement managed by Jordan Ahli Bank (lead arranger) was signed by Jordan Kuwait Bank , Cairo Amman Bank and Commercial Bank of Jordan.
The $90m Jafcco expansion project was launched by Venture Capital Bank ( VCBank ) and Jordan Phosphate Mining Company . The project is a partnership between VCBank , Jordan Phosphate Mining Company , Arab Mining Company and strategic Jordanian partners in which VCBank represents the largest contributor.
Abdullatif Mohammed Janahi, Board Member and CEO of VCBank and Vice-Chairman of Jafcco , said: " Jafcco succeeded to obtain the funding required to complete the expansion project, despite the current financial crisis, which led to the scarcity of facilities provided by banks, and this demonstrates the importance and feasibility of the project. We as partners have contributed 50 per cent to financing the expansion project through equity and this syndicated finance will complete the financing plan for the project."
He said the keenness of the Jordanian banks to participate in financing and supporting Jafcco 's expansion plans will contribute to the achievement of the company's vision to become one of the main producers of fertilisers and phosphate and potash-based materials in the world. The continuing demand for fertilisers in the international markets and the shortage of production compared to the current demand has led to a gap between supply and demand. The company aims to fill the gap and at competitive prices.
Khalid Al Manasera, CEO of Jafcco , said: "Nearly 50 per cent of the construction work in the industrial complex was accomplished. The project, which is being constructed in Al Abyad Valley near the phosphate mines, consists of five main manufacturing facilities. A plant for producing sulphuric acid; a plant for potassium sulfate (fertiliser); a plant for triphosphate and a plant for bicalcium phosphate, which is used as animal feed; and a calcium chloride plant, which is used in drilling oil wells. It is expected that the industrial complex will start production by April 2010."
Marwan Awad, the CEO of Jordan Ahli Bank , said: "This syndicated facility reflects the keenness of Jordan Ahli Bank along with the participating banks to support the Jordanian industrial sector."
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