IFC supports Indorama Port with $73.5m loan

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.