Banks Fund Brazil Fertilizer Project

The IFC, BNDES and Itau have agreed to a $158m equivalent A-B loan supporting Toronto-based MBAC Fertilizer’s Itafos-Arraias phosphate and fertilizer project. The IFC is to provide a $40m 8-year project finance facility. It pays a spread to Libor that the IFC declines to disclose. BNDES will provide BRL205m passed through Itau, splitting that amount into credit lines valued at BRL11.5m and BRL193.5m. BNDES and Itau did not respond to requests for comment on the facilities’ details. Proceeds will help fund the development of a phosphate mine along with the Itafos fertilizer plant.