Morocco’s OCP to raise 5bln dirhams in ordinary bond

Morocco’s OCP group plans to issue an ordinary bond to raise 5 billion dirhams or 500 million dollars as it seeks funding for its ambitious green energy and desalination projects, financial markets regulator AMMC said.

OCP, a market mover in phosphates and fertilizers production, plans to go green by 2040 as it forges ahead to rely on renewable energies and desalinated water by 2027.

The new funds will be conducive to the OCP’s expansion plans as the group plans to invest up to 13 billion dirhams on renewable energies and desalination.

Exports of phosphates and derivatives increased 12.5% in the first ten months this year to 6.8 billion dollars, up 12.5%.