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The African Development Bank (AfDB) and the OCP Group signed three loan agreements totaling $188 million on Monday in Rabat, supporting the group's Green Investment Program. This program reinforces OCP's position as a world leader in soil fertility and plant nutrition solutions while addressing climate change challenges.
Ousmane Fall, Director of the AfDB's Industrialization and Trade Development Department, and Karim Lotfi Senhadji, Financial Director of the OCP Group, signed the agreements.
$150 million from the AfDB's resources will be used to construct three modular seawater desalination plants with a combined annual capacity of 110 million cubic meters. This will secure unconventional water sources for OCP's industrial and mining sites while providing 75 million cubic meters of drinking water to nearby communities, benefiting over 1.5 million people.
$18 million from the Canada Climate Fund – African Development Bank (CACF) will support these desalination plants.
$20 million from the Clean Technology Fund (CTF) will finance renewable energy storage systems to power the desalination plants and other OCP facilities.
This financing exemplifies the AfDB, CACF, and CTF's commitment to supporting climate change adaptation and mitigation efforts. It also addresses crucial needs like access to drinking water and job creation, particularly for young people and women in rural areas.
These projects align with OCP's Green Investment Program and contribute to the Moroccan government's Emergency Plan for drinking water supply. Representatives from the Canadian government attended the signing, acknowledging the CACF's contribution and emphasizing shared commitments to climate action and women's empowerment.
«We are proud to partner with this ambitious project addressing Morocco's water scarcity. It will optimize OCP's water management through desalination», said Achraf Tarsim, Head of the AfDB Country Office in Morocco.
«These loans significantly contribute to our $13 billion investment program. Our goals include 100% unconventional water by 2024, 100% renewable energy by 2027, and carbon neutrality by 2040», added Karim Lotfi Senhadji, Financial Director, OCP Group.
«We are pleased to see the CACF effectively deployed in Morocco to address climate challenges», said Jean Touchette, Advisor and Head of Cooperation at the Canadian Embassy in Morocco
Since 1978, the AfDB has supported over 180 projects in Morocco, totaling €12 billion. The OCP Group, operating in five continents with 20,000 employees, remains the global leader in soil fertility solutions. This collaboration marks the first non-sovereign loan under the CACF and strengthens the AfDB's partnership with Morocco in tackling climate change.
