Ammon News - The FINANCIAL IFC, a member of the World Bank Group, on March 26 signed a $50 million financing agreement and $60 million syndication agreement with the Jordan Phosphate Mines Company, the largest single employer in Jordan, to help the fertilizer company relocate a phosphate export terminal, expand, and jobs.

"The Jordan Phosphate Mines Company is relocating the phosphate terminal in Aqaba to a new location at the Southern Industrial Zone, under a 30-year development and operation agreement signed with the Aqaba Development Corporation, to support the Jordanian government’s long-term strategy to transform the area’s infrastructure to better accommodate tourism. Tourism is a significant contributor to Jordan’s GDP and the area’s rehabilitation is expected to spur economic growth. JPMC will build a new world-class terminal that will enable it to expand its reach in the international fertilizer market," IFC reported.

“IFC successfully mobilized the financial resources we need to continue expanding our business and introduced us to a broader group of financiers. This is an impressive task at a time when many are reluctant to invest in emerging markets,” said JPMC CEO, H.E. Walid Kurdi. “We look forward to a long-term relationship with IFC and leveraging its global expertise to facilitate our company’s growth.”

Beyond preserving over 3,800 jobs, the construction of JPMC’s new phosphate terminal will hundreds of construction jobs in one of Jordan’s poorest regions. IFC also has helped the company improve its new terminal’s design to reduce its environmental impact while increasing productivity and efficiency.

“JPMC’s success is demonstrating the private sector’s ability to provide jobs and economic growth in Jordan,” said Somit Varma, IFC Global Head of Oil, Gas, Mining, and Chemicals. “We see our long-term relationships with global leaders like JPMC as a key part of our strategy to support responsible fertilizer companies that are helping alleviate the global food crises through their products.”

IFC is the only international financial institution focused exclusively on the private sector, the engine of sustainable development in emerging markets. Along with IBRD, it is currently seeking a capital increase to strengthen its ability to opportunity for the poor in developing countries—including by helping businesses expand and provide jobs.