IFC sup­ports In­do­rama Port with $73.5m loan

Daily Trust - - NEWS - From Mo­hammed Shosanya, La­gos

The In­ter­na­tional Fi­nance Cor­po­ra­tion (IFC), a mem­ber of the World Bank Group, yes­ter­day an­nounced a $73.5 mil­lion loan fa­cil­ity to OIS In­do­rama Port Lim­ited, to sup­port the de­vel­op­ment of a multi-pur­pose port ter­mi­nal at Onne in Port Harcourt, Rivers State.

The to­tal project cost is $150 mil­lion. IFC is pro­vid­ing a $73.5 mil­lion debt pack­age com­pris­ing $52.5 mil­lion of its own funds and $21 mil­lion par­al­lel loan mo­bilised from a com­mer­cial bank.

Rand Merchant Bank is pro­vid­ing an ad­di­tional $31.5 mil­lion loan.

The project will also serve as a plat­form for di­rect ex­port of fer­til­izer to for­eign mar­kets, gen­er­at­ing crit­i­cal for­eign ex­change and help­ing the coun­try di­ver­sify from de­pen­dence on crude oil ex­ports.

Man­ish Mun­dra, the Man­ag­ing Direc­tor of In­do­rama Nige­ria, said: “This project will boost de­vel­op­ment in the mar­itime sec­tor and demon­strate our de­ter­mi­na­tion to sup­port eco­nomic de­vel­op­ment in Nige­ria and help en­sure the suc­cess of our in­vest­ment in our urea fa­cil­ity.

“IFC, our long term part­ner, has worked with us ex­ten­sively to in­vest and mo­bi­lize much needed for­eign di­rect in­vest­ment in the sec­tor.”

In­do­rama Port is a joint ven­ture be­tween In­do­rama Eleme Petro­chem­i­cals Lim­ited and Oil and In­dus­trial Ser­vices Lim­ited. Part of the project will han­dle bulk urea ex­ports and will be op­er­ated by In­do­rama and an­other sec­tion, op­er­ated by OIS, will han­dle gen­eral cargo, break bulk, and con­tain­ers ser­vic­ing the off-shore oil and gas in­dus­try.

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