Jordan Phosphates Mines secures $110m loan

31 Mar 2010

(MENAFN) The International Finance Corporation (IFC), the World Bank’s financing arm, said that it has agreed to offer a $110 million loan to the Jordan Phosphate Mines Company (JPMC) to finance a new phosphates loading facility at the Red Sea port of Aqaba, Petra reported.

Under the loan agreement, the World Bank’s will extend $50 million, while the Europe Arab Bank loans the Jordanian firm $60 million under IFC supervision, the company’s Chief Executive Walid Kurdi said.

The loan, to be repaid over nine years, carries an interest rate of 3.5 percent above the London Inter-bank Offered Rate (LIBOR), he added.

The JPMC, one of Jordan’s two major mining firms, has already reached an agreement for the construction of the $240 million project with the Aqaba Development Company.

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