EBRD supports Egyptian fertiliser producer with $20m funding
The European Bank for Reconstruction and Development (EBRD) is lending $20 million (EGP1.1 billion) to support Egypt’s industrial sector.
The funding for Futurefert, a producer of steam-granulated fertiliser in the Suez Canal Economic Zone, will support its capital expenditure and is expected to create 300 direct jobs, EBRD said in a statement.
The company, wholly owned by Sharkia Holding, produces high-quality granular NPK fertilisers, primarily for export, with an annual production capacity of 240,000 metric tonnes.
The EBRD funding will support the construction and operation of three interconnected plants – a sulphuric acid plant, a potassium sulfate plant and a single superphosphate plant.
The three plants will cover a total area of 127,000 square metres and involve a total investment of $46 million. The products will be exported to European and African markets.
In December, the EBRD said it would provide $235 million to support Egypt’s plans to transition to a green economy.
More than a fifth of the global trade in ammonia, a critical component of fertiliser, has been “effectively removed” by disruption in the Strait of Hormuz, according to CRU Group, a market intelligence group.
Ammonia is used mainly to make nitrogen fertiliser for crops and is typically produced from natural gas. It is also used in plastics, pharmaceuticals, household cleaning products and refrigeration.
Further reading:
- Engie leads construction of 900MW wind farm in Egypt
- Egypt faces steepening gas import bill due to Iran war
- Egypt to clear $1bn debt to oil companies by June
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