The International Finance Corporation (IFC) plans to lend $174 million to develop a phosphate fertiliser plant in the Sokhna Industrial Zone within Egypt’s Suez Canal Economic Zone, according to a report.

The plant is being developed by Singapore-headquartered petrochemicals multinational Indorama Corporation in partnership with Egypt’s state-owned Misr Phosphate.

The financial package includes an IFC A loan of up to $100 million and a B loan of up to $74 million, Milling Middle East and Africa said in a report quoting IFC’s environmental and social review released on 16 June. Other lenders and shareholder contributions will provide the remaining funding, the report said.

Upon completion, the export-oriented project will produce about 600,000 tonnes of phosphate fertilisers each year. Misr Phosphate will supply about 1.25 million tonnes of phosphate rock annually from its mines in Egypt’s Red Sea region.

Misr Phosphate holds a 15 percent stake in the project and will receive 20 percent of production, while Indorama will oversee operations. Production is expected to begin in 2028, the report said.

(Writing by P Deol; Editing by Anoop Menon) (anoop.menon@lseg.com)

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