INVESTMENT WATCH- Is this Evergrow / EcoPhos in an EGP 8 bn fertilizers JV? Two unnamed Egyptian and Belgian companies have formed a JV to establish a new EGP 8 bn fertilizer factory, Al Mal reports, citing unnamed sources. Under the agreement, the Egyptian partner would hold a 51% stake in the JV, while the Belgian side will be responsible for providing 50% of the financing. The remaining 50% will be funded through domestic borrowing. The facility, which will tap into phosphate reserves at Abu Tartur, is expected to produce 500k tonnes of fertilizer once it is fully operational in seven years’ time. According to the sources, the facility will export 100% of its output.

Our take: The sources refused to disclose the names of the investors, but the details of the project found awfully close to those of the phosphate production complex Evergrow had announced it would build with two foreign partners. Evergrow was in talks with a consortium made up of Borealis and EcoPhos — the latter of which is Belgian — to take the project forward.