Bank ABC grants Jifco a five-year $50mln bilateral facility

Bank ABC grants Jifco a five-year $50mln bilateral facility

Bahrain - Bank ABC, the Middle East and North Africa’s (Mena) leading international bank, has granted a five-year $50 million bilateral facility to Jordan India Fertiliser Company (Jifco).

The facility will be utilised by Jifco to refinance existing shareholder loans.

Bank ABC is offering a full range of banking services to Jifco, an important new client for Bank ABC Jordan and the Group. Jifco, Jordan’s largest producer of phosphoric acid with an annual production capacity of 475,000 metric tonnes, is a successful collaboration between Jordan and India.

Strong alignment

The transaction represents a strong alignment of Jifco shareholders’ interests to support the company through contractual arrangements for supply of feedstock and volume offtake.

Hosted by the Bank ABC Group at its Head Office in Bahrain, the ceremony was attended by the Deputy Group CEO, Sael Al Waary; Group Head of Wholesale Banking, Amr ElNokaly; Group Specialised Finance members; CEO of Bank ABC in Jordan, George Sofia and Jifco’s Chairman, Dr Mohammad Thneibat; Board Member, Manish Gupta, CEO, Atul Kumar Garg and CFO, Deepak Yadav.

Commenting on the transaction, Bank ABC’s Deputy Group CEO, Sael Al Waary said: “Bank ABC is delighted to be appointed the sole Mandated Lead Arranger (MLA) of this loan facility for Jifco.