OCI allocates $ 200 m for expansions or setting new fertilizer units

Arab Finance: Orascom Construction Industries (OCIC) plans to allocate $ 200 million of the $ 300 m World Bank's International Finance Corporation (IFC) loan to catch investment chances in fertilizer markets in Australia, Europe, Latin America and USA and considers setting new firms in natural gas-rich countries in Asia and Africa, Almal newspaper cited OCI Investor Relations Manager Omar Darwazah as saying.

Moreover, Darwazah added that IFC will invest $ 50 million through direct buying of OCI traded shares not through buying investors stakes.

According to Darwazah, the $ 100 million part directed to construction sector will be used in speeding firm operations in North Africa, Egypt, Morocco and Gulf (especially KSA, UAE and Qatar).

It is notable that, OCI said on Monday the World Bank's International Finance Corporation (IFC) was considering debt and equity investments in the company worth $350 million.

OCI said in a statement the investment was subject to IFC approval later in the month. OCI said $200 million would be allocated to its fertilizer group, $100 million to its construction group and $50 million would be spent on its shares.