By Michael Eboh

The International Finance Corporation, IFC, a member of the World Bank Group, yesterday, granted a $73.5 million loan facility to OIS Indorama Port Limited for the development of a multi-purpose port terminal at Onne in Port Harcourt, Rivers State to boost Nigeria’s fertilizer export.

IFC, in a statement in Abuja, explained that though the total cost of the project is $150 million, it is providing a $73.5 million debt package, comprising $52.5 million of its own funds and a $21 million parallel loan mobilized from a commercial bank, while Rand Merchant Bank is providing an additional $31.5 million loan.

It further stated that Indorama Port’s material handling systems is in the process of being commissioned with loading of the first vessel expected in mid-July 2016.

According to the IFC, the project will serve as a platform for direct exports of fertilizer to foreign markets, adding that the project will generate critical foreign exchange and help the country diversify from dependence on crude oil exports.

The company explained that Indorama Port is located at Onne port, about 16 kilometers south-east of the Eleme Fertilizer plant and includes a 295-meter multipurpose jetty, storage facilities suitable for fertilizer consisting of a 45,000 metric ton warehouse for urea with an automated material handling system.