New Delhi(IndiaPRwire)

The Indo-Egyptian Fertilizer Company was recently established as a joint venture between the Indian Farmers Fertilizer Cooperative Limited and the El Nasr Mining Company in Egypt. South-South foreign direct investment—from one developing nation to another—is a key IFC objective in the Middle East and North Africa. Egypt produces 2.2 million tons of raw phosphate rock annually, which is equivalent to 1.4% of global production. With an untapped reserve of nearly 760 million tons and the increasing demand for phosphate-based fertilizers, the project will benefit the country significantly.

"We are pleased to partner with IFC in this project, which will serve as a catalyst for Egypt’s growth in the sector, while creating jobs and building capacity in new technologies. The project will also benefit India by supplying the country with phosphoric acid for domestic use,” said Chandra P. Srivastava, Chairman of the Indo-Egyptian Fertilizer Company.

“Our strategy in the chemicals sector in the Middle East and North Africa is to support companies that have access to key raw materials and low-cost production so that they can increase exports and revenues, while adding value to the local economy. We hope that our investment will boost international confidence in the quality of Egyptian phosphate rock and encourage foreign investment in this important sector,” said Michael Essex, IFC’s Regional Director.

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