Rabat - Morocco dominates intra-African investment according to the new study of the African Economic Outlook 2017, with the OCP Group ranking 5th among the companies that invest the most in Africa.
Rabat – Morocco dominates intra-African investment according to the new study of the African Economic Outlook 2017, with the OCP Group ranking 5th among the companies that invest the most in Africa.
According to the 2017 edition of the African Economic Outlook report, which takes into account the cumulative investments between 2015 and 2016, the Moroccan phosphates giant has invested USD 4.2 billion in four projects on the continent.
Morocco has established itself as a leading investor in the continent, with more than USD 8 billion of capital investment announced between 2015 and 2016. The kingdom is emerging as the continental champion of investment, reflecting the increasing capabilities of Moroccan firms in financial services, telecommunications and manufacturing.
Over the past year, Ethiopia became the first recipient of the investments announced by Morocco. According to the report, “this is the result of an agreement signed in November 2016 between the Moroccan phosphate producer Office Chérifien des Phosphates (OCP) Group and the Ethiopian government to invest over USD 3 billion in building a fertiliser factory. “
The second largest recipient of Morocco’s FDI is Côte d’Ivoire, with more than USD 2.7 billion invested between 2015 and 2016, where Morocco has surpassed France as the top investor. Among the companies in operation in the Ivorian territory are the Moroccan bank subsidiaries headed by Attijariwafa bank, Akwa Group and BTP.
Overall, the past ten years have seen Morocco’s financial institutions expand their sub-Saharan Africa footprint through numerous acquisitions across the continent, with Moroccan banks now present in more than 20 African countries.
In February 2016, the OCP group announced the creation of its subsidiary OCP Africa, dedicated to the development of the group’s activities in Africa, and announced that in order to support its local development, OCP Africa will open about 15 subsidiaries on the continent as of the year 2016.
On the same day in Jorf Lasfar, the office led by Mostafa Terrab also inaugurated a complex of fertilizer of MAD 5.3 billion dirhams called the Africa Fertilizer Complex, destined for the African markets.
The creation of OCP Africa helped develop its presence in the continent and boost OCP’s turnover in the African market. In its expansion in Africa, the Moroccan group was greatly supported by the African Development Bank (ADB). Its president, Akinwumi Ayodeji Adesina from Nigeria, has pledged to accompany the various OCP initiatives benefitting the African continent.
The return of Morocco to the African Union and the royal visits of King Mohammed VI to many African countries also played a key role into easing the way for the OCP group in the African market.
