Bahrain-based Islamic investment bank Venture Capital Bank and Jordan Phosphate Mines Company (JPMC) have launched a $90 million expansion project of Jordan Al Abyad Fertilizers and Chemicals Company (Jafcco).

The construction will commence in Al Abyad Area close to the Abyad phosphate mines which will supply phosphate rock, one of the main raw materials, required for the project.

The expansion comes at a time of increasing global demand for fertilizers and its skyrocketing prices, in addition to the Jordanian government’s support for investments in the country.

An agreement was signed in the Chinese capital Beijing last month with CQMMC, one of the major state-owned Chinese Engineering, Procurement and Construction contractors to carry out the the project on a turnkey basis.

Venture Capital Bank board member and chief executive officer Abdullatif Mohammed Janahi said: 'We are glad to announce the start of the project. We have great confidence in our partners in Jordan and the company’s executive management on the smooth completion of the project. There is no doubt that Jordan presents a good investment environment that opens up the potential for a diverse world of opportunities. The project will provide 370 job opportunities and will give diversity to the manufacturing of raw materials for potash and phosphate available in Jordan.

Bank’s chief investment officer, private equity and financial adviser Sharif Monfaradi said: “This project is unique in its diversity of product range within one roof, which is not the case with many other projects.”

He pointed out that after the expansion , the plant will produce 132,000 tonnes of Sulphuric Acid, 80,000 tonnes of Potassium Sulphate, 65,000 tonnes of Triple Super Phosphate, 15,000 tonnes of Di-Calcium Phosphate and 58,000 tonnes of Calcium Chloride.

Jordanian Prime Minister Nadir Al Dahabi had last April met JPMC chairman Walid Al Kurdi, Abdullatif Mohammed Janahi, Jafcco CEO Khalid Manasrah and Sharif Monfaradi. He commended the project and highlighted the importance of the project to Jordan and its citizens affirming the government's keenness in providing a healthy environment to encourage investments in Jordan. – TradeArabia News Service