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The European Bank for Reconstruction and Development (EBRD) has approved a €200 million loan to Morocco’s OCP Group, a world leader in plant nutrition and phosphate-based fertilizers.
The funds will support the construction of two seawater desalination plants at OCP’s industrial complexes in El Jadida (Jorf Lasfar) and Safi, with a combined capacity of 35 million m³, OCP said in a statement.
The facilities will contribute to fertilizers, an indispensable ingredient in the race for achieving global food security. In addition, they are projected to enable OCP to further reduce its use of freshwater for its water-intensive industrial processes.
“This shift is especially crucial as the region faces increasing droughts, allowing OCP Group to contribute to more sustainable water management in a highly strained environment,” the statement explained.
EBRD also expressed satisfaction with the loan, conveying its readiness to continue to support OCP’s green investment program
Odile Renaud Basso, President of the EBRD, said the loan reflects and aligns with the bank’s mission to foster sustainable industrial solutions.
“Our partnership with OCP Group exemplifies our shared commitment to support its ambitious investment programme,” Basso argued, noting the groups’ commitment to boosting impactful collaboration to support Morocco’s journey toward a more sustainable future.
Read also: OCP Signs New Agreement to Boost Decarbonization in Morocco
OCP CEO Mostafa Terrab agreed, stressing his company’s satisfaction with the European bank’s commitment to their shared vision of advancing sustainable water management and other aspects of the urgent transition to a greener economy.
“Today’s collaboration highlights our commitment to addressing water scarcity and promoting reliance in Morocco and beyond,” Terrab said.
Sustainability is at the heart of OCP’s mission, he added, echoing EBERD’s comment to working together to drive forward environmentally responsible solutions.
OCP will invest a budget estimated at $14 billion between 2025 and 2027 as part of its commitment to boosting sustainable projects, including the two new desalination plants in Jorf Lasfar and Benguerir.
The projects aim to achieve self-sufficiency in non-conventional water at Jorf Lasfar and initiate the supply of drinking water to the cities of Safi and El Jadida.
Last year also witnessed the launch of a third issuance of perpetual subordinated bonds of MAD 5 billion ($505,235), as well as IFC’s €100 loan for the construction of four solar power plants.
