Luxembourg, 25/05/2000 (Agence Europe) - The European Investment Bank is granting a new loan of close to EUR 30 million to Jordan Phosphates Mines Company for the second phase of production in the Esidya phosphate mine, in south-eastern Jordan. This payment complements a previous loan of EUR 30 million signed in May 1999. The Hashemite Kingdom of Jordan is the major shareholder of the Jordan Phosphate Mines Company, one of the largest Jordanian industrial Company's, which holds the exclusive rights for the extraction of the countries phosphate resources.
The investments co-financed by the EIB should enable Jordan to increase from 36% its present net phosphate production capacity and to consolidate it position as the world's 6th largest producer, indicated the EIB in its press release. "The project will strengthen the vertical integration with other fertiliser producers so as to maximise the local element of added value. Thus it will improve the currency receipts and create employment possibilities within Jordan's largest industry, which represents more than 15% of the country's exports," added the EIB.