The African Export-Import Bank (Afreximibank) has approved a $400 million loan to finance a planned phosphoric acid project by El Wady for Phosphate Industries and Fertilizers (Waphco) at Abu Tartour, in the Egyptian province of New Valley, according to a report by Asharq Business.
Little has been heard of the project since Waphco inked the EPC contract for the phosphoric acid plant in December 2019 with a consortium formed of China State Construction Engineering Corp. Ltd. (CSCEC) and Chinese phosphate producer Wengfu Group Ltd. (GM April 10, 2020).
The plant is projected to have capacity to produce 1 million mt/y of phosphoric acid, all of which will be targeted for the export market.
According to its website, Waphco is an Egyptian joint stock company comprised of nine Egyptian government shareholders, including the operator of Egypt’s largest phosphate mines, Misr Phosphate Co., Egypt’s largest nitrogen fertilizer producer Abu Qir Fertilizers Co., and one of Egypt’s largest oil and gas companies, East Gas Co.