...The plant, which will use phosphate from neighbouring Eshidiya mines, is financed through $215 million agreement with International Finance Corporation (IFC), a member of the World Bank Group, as well as theEuropean Investment Bank (EIB), who is providing a parallel loan of $ 120 million. Both EIB and IFC are emphasizing the plant’s role in boosting the global food supply. On top of that, Cordiant Capital Inc. announced on Thursday it has committed to a $10 million loan to the JIFC.
Jordan hopes the plant will boost its economy. The International Finance Corporation estimates the plant will, over its lifetime, increase Jordan’s industrial exports by US $2bn.
The surrounding region, Ma’an, is the second poorest of Jordan’s regions. The state-of-the-art factory will require around 750 workers during construction, according to the IFC, and later provide employment to 400 workers.
Global demand for phosphoric acid-based fertilizer is growing and prices are rising. The International Fertilizer Industry Association expects demand to rise 6.7 percent in 2011 and further 3.1 percent annually until 2015. A good time for a new plant.