African Development Bank to support Indorama’s Nigeria expansion plans
The African Development Bank (ADB) announced on Thursday that it has signed a $75mn loan agreement with Nigeria’s Indorama Eleme Fertilizer and Chemicals Limited.
The financing will enable the company to develop both a third urea fertilizer production line and a port terminal for exports, which will serve to buttress global food security. The ADB said the project will create as many as 8,000 new jobs in Nigeria.
The bank noted that its $75mn senior loan forms part of a $1.25bn facility arranged by the International Finance Corporation. This includes $215.5mn from the IFC itself, in addition to loans other commercial banks, impact investors, and DFIs.
The ADB’s Ousmane Fall commented that “The African Development Bank is proud of its continued partnership with Indorama, the IFC, and other lenders on this critical project as it is aligned with our strategic priorities to Feed Africa and Industrialize Africa while generating significant development outcomes in Nigeria.”
