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Morocco’s fertilizer giant OCP has entered into a new agreement with Bpifrance and the French Development Agency (AFD) to boost decarbonizing Morocco’s industrial fabric as well as sustainable development and inclusive agriculture.
The agreement is part of a score of partnerships Morocco and France signed on Monday, renewing the bilateral ties between the two countries.
The agreements were signed in the presence of King Mohammed VI and his guest French President Emmanuel Macron, who arrived on a State visit on Monday.
Signed between OCP CEO Mostafa Terrab and the Director of International and European Affairs at Bpifrance Isabelle Bebear, the partnership is part of the three groups’ commitment to support strategic projects developed by the Moroccan fertilizer company in collaboration with French companies through financing, investment, and guarantee tools.
The agreement also involves the creation of a €50 million investment fund by Bpifrance and Innovx, an affiliate of Morocco’s Mohammed VI Polytechnic University (UM6P).
The fund aims to invest in initiatives supporting innovative startups, small and medium enterprises as well as mid-sized enterprises in Africa, particularly in the agricultural, agri-food and green energy sectors.
Read also: OCP, ENGIE Sign Partnership to Accelerate Energy Transition
The fund could allow Bpifrance and InnovX explore co-investment opportunities for innovative startups and SMEs from their respective ecosystems that can contribute to OCP’s green investment strategy through technological collaborations with different entities within the OCP ecosystem like Innovx, UM6P and others.
Bpifranw will also boost cooperation with OCP to establish a comprehensive partnership benefiting the group’s green investment strategy.
The cooperation will be facilitated through the deployment of the “Connect” program managed by Bpifrance’s Export Division, an initiative designed to strengthen partnerships between OCP Group and French companies.
AFD will also support the initiative through financial backing.
Commenting on the signing, Bebear said the deal is another step to strengthen the bilateral ties between the two countries in strategic sectors like food security and the decarbonization of the industrial fabric in Morocco and more broadly in Africa.
“By leveraging our respective areas of expertise with OCP Group, a major player in the region, we will be able to develop concrete programs addressing these strategic challenges and benefiting our companies,” she said.
OCP CEO Terrab also expressed satisfaction with the new partnership, saying it marks a new phase in the groups’ joint commitment to strengthening food security and accelerating Africa’s energy transition.
“Together we are implementing innovative solutions that will benefit both agricultural producers and industrial players while respecting sustainable goals,” he said.
