IDF helped Phosphorit
Phosphorit (part of EuroChem) has been able update its capacity thanks to a loan by the Industrial Development Fund (IDF) provided in 2017.
IDF allocated a 500-million-ruble loan (more than $ 8.5 million) at a rate of 5%. The total project budget exceeded 3 billion rubles (approximately $ 48.7 million).
Phosphorit acquired new equipment that helped increase its output: sulfuric acid production increased from 1 million tons to 1.12 million tons, phosphoric acid from 400 thousand tons to 490 thousand tons, while nitrogen-phosphate fertilizer manufacturing capacity (ammophos and diammophos) increased by 30%, from 765 thousand tons to 1 million tons per year.
“Mineral fertilizers are an important product for the entire world agriculture. This is why, as a manufacturer of these products, it is important for us to develop, modernize and constantly increase the volume of fertilizer production. We are grateful to the Industrial Development Fund, which, through a soft loan, helped the company quickly update its equipment fleet, introduce advanced technology and enter new international markets,” said Vladimir Erlykov, Executive Director at Phosphorit.