Franky not sure you realize the foreshadowing "importance" of the article you just posted.....POST OF THE DAY!!
One day not to far away this same article could be cut and pasted for Ethiopia instead of Jordan...
CHEKKMATE nailed it the other day called it right...(his post is at the bottom of this post)....very good call CHEKK....European Investment Bank...Farhad stated that Allana was in discussions with a large Bank to take the "Lead" in securing long term debt financing for Allana....Anyone still think that Allana and the Ethiopian Government cant secure $215 million from the IFC and another $120 million from the European Investment Bank....thats $335 million dollars...and the European Bank can secure up to 50% of the capital required for a project....and this Jordan Plant meets both agencies mandate to boost global food supply and increase local employment long term...Anyone that thinks that the IFC's recent investment of $10 million dollars into Allana Potash....is not an endorsement of their confidence and commitment to our company going into production....think again....They are here for the long term and understand Farhad's Vision for Allana....and for Ethiopia...
This is a likely combination for Allana....If for some reason you still do not understand how important this is...re-read the post and think about it.....patience and this card will be played in due course...its just karma..
Allana Potash Closes Strategic Investment from IFC
5/11/2011 7:00:01 AM - NFD
- $10 Million Strategic Investment by IFC
- $1.9 Million Investment by Liberty Metals & Mining Pursuant to Exercise of Participation Rights
...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.
I wonder if the World Bank / IFC could be considered as "the appointment of European Bank to assist in "Project Financing"? ...."Allana will seek council from a large European Bank to help market the project and secure project financing..deep experience with funding African Projects....and Ethiopia in particular"
Dundee was told the requirements of this European Bank....Is Dundee foreshadowing Allana's future....? Do you know of another Bank that fits the bill...(Ace in the Hole?)
Could very well be that the World Bank will be one involved with the financing , Karmanow. But it is Washington, DC based. And in my recollection, I believe it will usually undertake financing of up to 25% of the project cost.
However, the European Investment Bank would be a perfect fit to the description given by Dundee for the large European bank that Allana will be seeking assistance from.
This descriptipn is copied from " A Paper prepared by National Association of Professional Environmentalists (NAPE) and the African Rivers Network (ARN) for Both Ends-Netherlands " (bothends.org) 20/09/2009
The European Investment Bank (EIB) is one of the the major international financial institutions (IFIS) that are active in African development in general & Ugandan & Ethiopian development in particular.
It is a public investment & development institution owned by the governments of the countries that constitute the European Union.
Like other IFIS active in African development such as the World Bank, International Monetary Fund and the African Development Bank, EIB provides project funding, technical assistance, policy advice, as well as research and other non-financial support to the often financilly starved governments.
The European Investment Bank can provide up to 50% of the financing required by an approved project.
Thus, the projected debt-financing required for mine construction of 60% would seemed to be quite doable with the up to 50% by the EIB and the up to 25% by the World Bank-IFC.