Afreximbank approves $400mln loan for phosphatic fertilizers project in Egypt

African Export-Import Bank (Afreximbank) has approved a $400 million loan to finance a phosphatic fertilizers project in Egypt, two government officials told Asharq Business on August 30th.

The financing will be dedicated to the phosphatic acid production project implemented by El Wady for Phosphate Industries and Fertilizers (WAPHCO) in the New Valley governorate.

All the technical, economic, and financial studies of the project are complete, one source noted, adding that production is set to start after two and a half years from commencing execution, along with six more months for trial operation.

The project will be established on a 560,000-square-meter area and will include a storage area of 3 million square meters, with investments of $1 billion and a production capacity of 1 million tons a year.