Announcement of Jordan Dead Sea Industrial Exports Project on June 24, 1991

FOR IMMEDIATE RELEASE World Bank 1818 H Street, N.W., Washington, D.C. 20433, U.S.A. *Telephone: (202) 477-1234 BANK NEWS RELEASE NO. 91/101 Contact: Fawzi Rihane Tel: (202) 473-2675 JORDAN: DEAD SEA INDUSTRIAL EXPORTS PROJECT The following is information on a project approved by the World Bank's Board. DATE: June 24, 1991 WORLD BANK GROUP SUPPORT: World Bank loan: $15 million. The loan is for 17 years, including five years of grace, with a variable interest rate, currently 7.73 percent, linked to the cost of the Bank's borrowings. It also carries an annual commitment charge of 0.25 percent on the undisbursed balance. TOTAL COST: $121.3 million OTHER FINANCING: Arab Potash Company (APC), $90.3 million; Islamic Development Bank, $16 million IMPLEMENTING AGENCY: APC ESTIMATED COMPLETION DATE: 1996 PROJECT DESCRIPTION: The objective of the Dead Sea Industrial Exports Project is to help develop Jordan's industrial production and export capacity. The project includes: (a) increasing APC's current potash production capacity from 1.4 million tons per year (tpy) to 1.8 million tpy through optimization of existing facilities (a dike system and solar evaporation pan equipment, compressors, a product loading conveyor at Aqaba, facilities to increase fresh water supply to the potash plant, and extra haulage trucks) and introduction of new technology (cold crystallization process); and (b) technical assistance to formulate a strategy to develop a complex of new chemical industries based on Dead Sea brine and other local raw materials.