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The African Development Bank Group and OCP Group signed an agreement in Rabat on Thursday for a €450 million (4.9 billion Moroccan dirhams) partial credit guarantee aimed at supporting the Moroccan fertilizer giant’s 2023–2030 investment program.
The operation is expected to facilitate the mobilization of a €530 million (5.8 billion Moroccan dirhams) green financing facility from Société Générale and BNP Paribas.
Described as the first mechanism of its kind in Morocco, the guarantee is intended to support OCP’s investments in low-carbon fertilizer production, renewable energy deployment, and sustainable water management, AfDB said in a press release.
According to the AfDB, the agreement aligns with its «Four Cardinal Points» strategy, particularly the objectives related to large-scale capital mobilization and resilient infrastructure development.
«This agreement reaffirms our commitment to OCP Group’s investment program», said Achraf Tarsim, AfDB Country Manager in Morocco. «Leveraging our AAA credit rating, we are mobilizing international capital to accelerate the development of low-carbon fertilizer production, renewable energy, and sustainable water management».
For OCP Group, the agreement marks the start of the implementation phase of its industrial transformation strategy.
«With this agreement, we are taking a decisive step toward a low-carbon, circular industrial model», said Younes Kchia, Chief Financial Officer of OCP Group. «Together, we are contributing to sustainable growth for Morocco, Africa, and global food security».
The financing will support projects aimed at reducing greenhouse gas emissions, improving water and energy efficiency across OCP’s industrial facilities, expanding renewable energy use, and promoting sustainable agricultural practices and soil preservation.
