Morocco: IFC provides $100 million in financing to OCP for its expansion in Africa

Par ediallo - 30 June, 2021 - 08:05

The Office chérifien des phosphates (OCP) is one of the main players in the global fertilizer market. After a successful financial year 2020 despite the coronavirus, the group is accelerating its development plans.

The Office chérifien des Phosphates (OCP) signed a $100 million financing agreement with the International Finance Corporation (IFC) on June 28.

This package should enable the Moroccan group's African subsidiary (OCP Africa) to develop its operations in several countries on the continent.

The world's largest phosphate producer plans to strengthen its supply chain and the supply of fertilizers adapted to soils and crops in West Africa (Côte d'Ivoire, Nigeria, Ghana and Senegal) and in East Africa (Ethiopia and Tanzania).

IFC's support will also be used to finance new initiatives to support local farmers in the targeted countries.

"This new agreement will allow us to support more crops, more farmers, more communities, more ecosystems, and help us better feed the world.

This is another step towards our common goal of developing sustainable agriculture in Africa to enable the continent to play its full role in global food security," said Mostafa Terrab (photo), Chairman and CEO of OCP.

This is the second major support obtained by the Moroccan group this year, after the $350 million envelope granted by the African Export-Import Bank (Afreximbank) last March, which will be spread over 7 years.

As a reminder, OCP achieved a turnover of $ 5.9 billion in 2020. It is present in 16 African countries and employs a total of 21,000 people.

Hope Olodo