THE Industrial Development Corporation (ICD) has agreed to underwrite R1,5-billion for a R1,1-billion expansion project at Indian Ocean Fertiliser, based in Richard’s Bay on the KwaZulu-Natal north coast. In a statement on Thursday the IDC said the project involves the expansion of existing operations by adding a new sulphuric acid and phosphoric acid plant, as well as an electricity co-generation facility. It added the project will protect jobs, generate substantial foreign currency earnings and profits, and benefit KwaZulu-Natal and the rest of the country.