Indian Farmers Fertiliser Cooperative Ltd (Iffco) has raised $336m of debt that will allow it to construct a phosphoric acid plant at Eshidiya in Jordan.

The scheme will be constructed as a joint venture between Iffco and Jordan Phosphates Mines Company (JPMC) and will be called the Jordan India Fertilizer Company (Jifco). Iffco will retain 52 per cent of the company, with JPMC taking the remainder.

Neither company have indicated the exact timeframe of contract awards, but commercial production is due to commence in 2013.

Iffco subsidiary, Kisan International Trading, will purchase 70 per cent of the offtake of phosphoric acid in a long-term agreement, with JPMC taking the remainder.

The arrangers of the loans for Iffco were the International Finance Corporation and European Investment Bank.