IRC Egypt

pending

Indorama Holdings B.V. (“Indorama” or “the company”) is a subsidiary of the Indorama Corporation (“the Group”), a global industrial company with diverse businesses, including petrochemicals, fibers, and fertilizers (https://www.indorama.com/).The Group has been a strategic IFC partner since 1991.The company is seeking IFC’s support in financing an integrated greenfield phosphatic fertilizer complex in the Suez Canal Economic Zone (“SC Zone”) in Ain Sokhna, Egypt (“the project”). The SC Zone, an industrial area, has several established chemical industries which include fertilizer manufacturing and large-scale chemical storage. The proposed project comprises three main plants: namely a Phosphoric Acid plant (PAP), Sulfuric Acid plant (SAP) and Di-Ammonium Phosphate/ Nitrogen, Phosphorus, and PotassiumMono-Ammonium Phosphate (DAP/NPKMAP) plant, and associated infrastructure, including a phosphogypsum storage area, a 13 km pipeline for importing and transferring liquid ammonia from the Sokhna Port, two phosphoric acid storage tanks at Sokhna Port, and a 2930 megawatt (MW) captive power plant that will operate on heat recovery from the sulfuric acid production process. Once operational, the project is expected to produce approximately 600,000 tons per annum of phosphate-based fertilizer, and sulfuric and phosphoric acid as intermediate products. Required phosphate rock will be sourced from the existing Red Sea Mines operated by Misr Phosphate, with an estimated supply of 1.25 million MT per annum. Other raw materials, such as sulfur and ammonia will be sourced either locally or from the international market. The proposed IFC investment comprises a debt package of up to US$174 million comprising of (i) an IFC A loan of up to US$100 million and (ii) mobilization of up to US$74 million in the form of B Loans. The balance of the required funding will come from parallel lenders and internal Group equity.