Arab Finance: The European Bank for Reconstruction and Development (EBRD) has extended a $20 million loan to Futurefert, Egypt’s first granular nitrogen (N), phosphorus (P), and potassium (NPK) fertilizer producer, to support the expansion of its operations, the EBRD stated.
The financing will fund Futurefert’s capital expenditure program, including the construction and operation of three interconnected plants: a sulphuric acid plant, a potassium sulphate plant, and a single superphosphate plant.
The facilities will be located in the Suez Canal Economic Zone (SCZONE), within the Northwest Gulf of Suez Special Economic Zone.
The three plants will cover a total area of 127,000 square meters and are intended to serve export markets in Europe and Africa. The total investment in the project is estimated at $45.65 million.
The expansion is expected to create around 300 direct jobs.
Futurefert has an annual production capacity of 240,000 metric tonnes and is wholly owned by Sharkia Holding Limited, a Sharkia Holding Limited.
Egypt is a founding member of the EBRD. Since 2012, the bank has invested more than €14.3 billion across 222 projects in the country.
