Bank ABC, the Bahrain-based MENA’s leading international bank, has granted a 5-year $50 million bilateral facility to Jordan India Fertilizer Company (JIFCO).
The facility will be utilized by JIFCO to refinance existing shareholder loans. The transaction represents a strong alignment of JIFCO shareholders’ interests to support the company through contractual arrangements for the supply of feedstock and volume offtake.
Hosted by the Bank ABC Group at its Head Office in Bahrain, the ceremony was attended by the Deputy Group CEO, Mr. Sael Al Waary, Group Head of Wholesale Banking, Mr. Amr ElNokaly, Group Specialized Finance members, CEO of Bank ABC in Jordan, Mr. George Sofia and JIFCO’s Chairman, His Excellency Dr. Mohammad Thneibat, Board Member, Mr. Manish Gupta, CEO, Mr. Atul Kumar Garg and CFO, Mr. Deepak Yadav.
Sael Al Waary Deputy Group CEO Bank ABC
“Bank ABC is delighted to be appointed the sole Mandated Lead Arranger (MLA) of this loan facility for JIFCO. We are keen to support the company’s growth and expansion endeavors with this tailored financing facility. 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 financing has been arranged by Bank ABC’s Specialized Finance team, with support from its local team in Jordan. As the sole MLA for the loan, Bank ABC becomes JIFCO’s core relationship bank. JIFCO is a strategic joint venture between Jordan Phosphate Mines Company (JPMC) and Indian Farmers Fertilizer Cooperative Limited (IFFCO).
HE Dr. Mohammad Thneibat thanked Bank ABC and JIFCO teams for achieving this transaction and also hopes that this will be a beginning of a new relationship that will give an opportunity to both parties to work together on future projects in Jordan.
