International Finance Corp. (IFC) and other lenders will provide $1.25 billion in financing to Indorama Eleme Fertilizer and Chemicals in Nigeria, allowing the company to raise fertilizer production and develop a port terminal for exports, Bloomberg reported.
The financing package will fund Indorama’s plans to develop a third urea production line and a new shipping terminal at its operations in Port Harcourt. The new line is expected to have an annual capacity of 1.4 million mt.
As part of the project, Indorama will implement a greenhouse gas emissions strategy to reduce emissions at its petrochemical complex by 32% by 2026, including a significant reduction in gas flaring as well as other improvements.
The $1.25 billion financing package includes a $215.5 million loan from IFC’s own account; a $94.5 million loan through the managed co-lending portfolio program; and $940 million financing mobilized from other development finance institutions and commercial banks. British International Investment (BII) has pledged $65 million.