Manama, Bahrain: Bank ABC, MENA’s leading international bank, has granted a 5-year USD 50 million bilateral facility to Jordan India Fertilizer Company (JIFCO). The facility will be utilised by JIFCO to refinance existing shareholder loans. Hosted by the Bank ABC Group at its Head Office in Bahrain on July 4th, 2022, the ceremony was attended by the Deputy Group CEO, Mr. Sael Al Waary; Group Head of Wholesale Banking, Mr. Amr ElNokaly; Group Specialised Finance members; CEO of Bank ABC in Jordan, Mr. George Sofia and JIFCO’s Chairman, His Excellency Dr. Mohammad Thneibat; Board Member, Mr. Manish Gupta, CEO, Mr. Atul Kumar Garg and CFO, Mr. Deepak Yadav.
Bank ABC is offering a full range of banking services to JIFCO, an important new client for Bank ABC Jordan and the Group. JIFCO, Jordan’s largest producer of phosphoric acid with an annual production capacity of 475,000 metric tonnes, is a successful collaboration between Jordan and India.
The transaction represents a strong alignment of JIFCO shareholders’ interests to support the company through contractual arrangements for supply of feedstock and volume offtake.
Commenting on the transaction, Bank ABC’s Deputy Group CEO, Mr. Sael Al Waary said: “Bank ABC is delighted to be appointed the sole Mandated Lead Arranger (MLA) of this loan facility for JIFCO. We are keen to support the company’s growth and expansion endeavours with this tailored financing facility. This significant transaction demonstrates our commitment to deepening a mutually beneficial long-term relationship with one of our important new clients, besides Bank ABC’s commitment to the Kingdom of Jordan and its key exporters.”
The Chairman of JIFCO, H.E. Dr. Mohammad Thneibat thanked Bank ABC and JIFCO teams for achieving this transaction. He mentioned that this transaction was being discussed for a long time and appreciated the patience and commitment of both parties despite the pandemic. He hopes that this will be a beginning of a new relationship that will give an opportunity to both parties to work together in future projects in Jordan.
The financing has been arranged by Bank ABC’s Specialised Finance team, with support from its local team in Jordan. As the sole MLA for the loan, Bank ABC becomes JIFCO’s core relationship bank.
JIFCO is a strategic joint venture between Jordan Phosphate Mines Company (JPMC) and Indian Farmers Fertilizer Cooperative Limited (IFFCO).
About Bank ABC
Bank ABC is a leading player in the region’s banking industry and provides innovative wholesale financial products and services that include corporate banking, trade finance, project and structured finance, syndications, treasury products and Islamic banking. It also provides retail banking services through its network of retail banks in Jordan, Egypt, Tunisia and Algeria and its digital mobile-only ila Bank in Bahrain.
Jordan India Fertilizer Company "JIFCO", a strategic joint venture partnership between Indian Farmers Fertiliser Cooperative Limited "IFFCO" and Jordan Phosphate mines PLC. "JPMC" meant to secure continuous supply of Phosphoric Acid for key fertilizers such as DAP. The company has been producing phosphoric acid since December 2014 at an annual capacity of 475,000 tonnes in terms of P2O5.