▪︎Image: $75m loan agreement signing ceremony between AfDB and Indorama Eleme Fertiliser
The African Development Bank has signed a $75 million loan agreement with Nigeria’s Indorama Eleme Fertilizer and Chemicals Limited to increase its fertilizer production and develop a port terminal for exports.
Ousmane Fall, the African Development Bank’s acting director for Industrial and Trade Development, disclosed this on the bank’s Facebook handle.
He said that the bank is supporting food production and food security across regional and international markets while fostering job creation in the country.
The expansion will include the development of a third urea fertilizer production line and a new shipping terminal at Indorama’s facilities in Port Harcourt.
Given the facility, the new production line of the fertiliser producer is expected to have an annual capacity of 1.4 million metric tons of urea, among the most widely used fertilizers worldwide.
“The African Development Bank is proud of its continued partnership with Indorama, the IFC and other lenders on this critical project as it is aligned with our strategic priorities to Feed Africa and Industrialise Africa while generating significant development outcomes in Nigeria,” said Fall.
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