The Gafsa Phosphate Company (CPG) signed, last Friday in Tunis, two loan agreements totaling $ 33 million (nearly 63 million dinars) with BIAT and Amen Bank to finance the project of Um Lakhchab in the Gafsa mining region.
Each bank will provide funding of $ 16.5 million, BIAT with an interest rate of 1.4% and Amen Bank with a rate of 1.85%. This loan will be repaid over seven years with a 2-year grace period.
These agreements were signed by CEO of the CPG, Romdhane Souid, CEO of BIAT Mohamed Agrebi and CEO of Amen Bank Ahmed Karam. They will allow the CPG to acquire the equipment necessary for the creation of a phosphate production unit.
The realization of Um Lakhchab project between Metlaoui and Gafsa needs funds amounting to 104 million dinars.
CEO of the CPG, Romdhane Souid production will begin in July 2017 for a production capacity of nearly 2 million tons of phosphate. It will generate 600 jobs and help increase the competitiveness of the CPG.