OCP signs $100 mln financing deal with IFC

OCP signs $100 mln financing deal with IFC

Morocco’s phosphates and fertilizers producer OCP obtained a loan of 100 million dollars from the International Financial Corporation (IFC) to develop its African value chain.

The loan will help OCP Africa to expand its logistics networks and increase the availability of fertilizers, adapted to local soils and crops, in Côte d’Ivoire, Ethiopia, Ghana, Kenya, Nigeria, Senegal, and Tanzania, the two parties said in a statement.

OCP has also launched projects with IFC to enhance corporate governance, and promote gender equity.

“The strategic partnership between OCP Group and IFC continues to grow, and today’s agreement is a testament to the shared values and high level of trust our institutions enjoy,” OCP chief Mostafa Terrab said.

“The partnership with OCP is part of IFC’s strategy to promote regional integration through the support of a Moroccan champion expanding into Sub-Saharan Africa, creating jobs, and encouraging the transfer of technologies,” said Makhtar Diop, IFC’s Managing Director.

OCP, which has 21,000 employees, is a major company in Morocco and the largest phosphate exporter in the world. The agreement expands on two earlier partnerships, one aimed at strengthening the rice sector in Côte d’Ivoire and the millet sector in Senegal, the other aimed at helping OCP obtain the leading global business certification for gender equality.

 

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