The Emerging Africa Infrastructure Fund (EAIF), a joint public and private investment fund owned by the Private Infrastructure Development Group and managed by Investec Asset Management, has reached financial close for an 11-year US$35 million loan to Nigeria-based Indorama Eleme Fertilizers & Chemicals (IEFCL). The transaction is part of the financing of a US$1.1 billion expansion of the company’s capacity through the construction of a new fertilizer plant adjacent to the existing one. Construction of the new plant, which will double the company’s annual output to 2.8 million metric tons, will take up to 37 months.