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IFC supports Jordan-India Fertiliser Company with $215m financing

AMMAN (JT) - The International Finance Corporation ( IFC ), a member of the World Bank Group, announced Tuesday in a press release the signing of a $215 million financing agreement, with the Jordan-India Fertiliser Company (JIFCO).

According to the press statement, the financing will go for the construction of a state-of-the-art fertiliser plant in Eshidiya to help boost agricultural productivity at a time when food supplies are topping the global agenda.

"This plant, also being financed through $120 million from the European Investment Bank, will serve an important role for the global food chain as the sponsors, Jordan Phosphate Mines Company ( JPMC ) and India Farmers Fertiliser Cooperative (IFFCO), are key firms involved in sustainable efforts to increase the global food supply, as well as important players in the economies of Jordan and India," the press release said.

" IFC played an important role in mobilising the financial resources needed for the plant and worked closely with the sponsors from the very beginning to support the success of the project," the statement quoted JPMC Chairman and Chief Executive Officer Walid Kurdi as saying.

"This plant will provide an important service for both Jordan and India, as well as globally, and is the type of role JPMC would like to continue to provide as a key supplier in the world fertiliser market," he added.

In addition to creating over 400 jobs, the new plant is designed with highly efficient production technology, which allows the local grid to use the plant's excess production of electricity, as well recycling water with high efficiency

"JIFCO's success is demonstrating the effectiveness of South-South investments in developing important projects that provide jobs and economic growth, in this case in both Jordan and India," said Ahmad Atttiga, IFC representative in Jordan.

"We see our long-term relationships with global leaders like JPMC and IFFCO as a key part of our strategy to support responsible fertiliser companies that are helping to alleviate the global food crises through their products. In this case, IFFCO's extensive distribution network will allow nutrients produced by JIFCO to be available to over 50 million farmers," he added.

JPMC is one of Jordan's largest companies and an active member of the communities in which it operates, sponsoring local health projects, educational scholarships and working with local communities to further economic development in different regions of Jordan. It is also the world's second largest exporter of phosphate rock, a key element in fertiliser production.

IFFCO is the largest fertiliser cooperative in India, serving over 50 million farmers with the objective of enabling its member farmers to thrive through the supply of fertiliser and services in environmentally sustainable farming. IFFCO is active in providing important on-the-ground help to farmers teaching best practices in sustainable farming and fertiliser application.

© Jordan Times 2011