Afreximbank lends Egypt $400mln for phosphate fertiliser project

The African Export-Import Bank (Afreximbank) approved a loan of $400 million to finance a phosphate fertiliser project in Egypt, according to Asharq Business citing two government sources on Wednesday.

The finance is for Phosphoric Acid production project that implemented by El Wady for Phosphate Industries and Fertilizers (WAPHCO) in Abu Tartur plateau, New Valley governorate, the sources added.

The total investments of the project amount to $1 billion, with a production capacity of one million tons per year for the phosphoric acid production, which is the core material in the composite phosphate fertiliser industry.