Bank ABC grants JIFCO a 5-year, USD 50 million bilateral facility

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Bank ABC, MENA’s leading international bank, has granted a 5-year USD 50 million bilateral facility to Jordan India Fertilizer Company (JIFCO).

The facility will be utilised to refinance existing shareholder loans. Hosted by the Bank ABC Group at its Head Office in Bahrain on July 4th, 2022, 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.

JIFCO is Jordan’s largest producer of phosphoric acid with an annual production capacity of 475,000 metric tonnes.

Bank ABC’s Deputy Group CEO, Sael Al Waary said: “This significant transaction demonstrates our commitment to deepening a mutually beneficial long-term relationship with one of our important new clients, besides Bank ABC’s commitment to the Kingdom of Jordan and its key exporters.”

The Chairman of JIFCO, Dr Mohammad Thneibat said he hopes this will be a beginning of a new relationship. JIFCO is a joint venture between Jordan Phosphate Mines Company and Indian Farmers Fertilizer Cooperative Limited.