Rabat – OCP Group has announced the signing of a €365 million agreement with the Italian export credit agency and finance group, SACE.
In a statement today, the Moroccan fertilizer giant said that the agreement is the first of its kind under the group’s Green Finance Framework and the first guaranteed by SACE Push Strategy in Morocco.
“This strategic partnership reinforces OCP’s commitment to sustainability and innovation in plant nutrition solutions,” the statement added, noting that the deal marks a “historic dual first.”
The OCP facility will be supported by an insurance coverage under SACE’s Push Strategy and arranged by BNP Paribas and Credit Agricole Corporate and Investment Bank.
The push strategy provides Italian companies with access to international markets, offering them financing to foreign counterparts with the potential to purchase goods and services from Italy.
The agreement is in line with OCP’s $13 billion Green Investment program covering the 2023-2027 period.
The agreement will contribute to financing the program, which seeks to enable a complete non-conventional water use since early 2025, including a desalination capacity of 560 million cubic meters per year by 2027.
It also seeks to ensure complete water autonomy as well as 100% clean energy by 2027.
The OCP mega program further aspires to ensure full carbon neutrality by 2040 and increased production of green fertilizers.
Armando Bucacco, Italian ambassador to Morocco, highlighted the importance of the promising agreement. The deal represents a “significant step in strengthening ties between Italy’s industrial excellence and one of Morocco’s leading economic players,” Bucacco noted.
He added, “This strategic partnership not only fosters across multiple sectors, reinforcing a strong foundation for bilateral trade and investment.”
Karim Lotfi Senhadji, Chief Financial Officer at OCP, echoed the same remarks. For him, the agreement with SACEE reflects OCP’s commitment to sustainability and innovation.
“By securing this facility, we are accelerating our transition towards 100% clean energy and 100% non-conventional water, reinforcing our leadership in sustainable plant nutrition solutions,” he explained.
SACE’s Chief International Officer, Michal Ron, also expressed satisfaction with the deal. This initiative demonstrates the group’s commitment to promote “made in Italy” and supporting Italian companies in key sectors like infrastructure, renewable energy, and industrial machinery, he argued.
“It also reinforces our commercial ties with Africa in alignment with the Mattei Plan,” he added.
For his part, head of CIB Africa at BNP Paribas and CEO of BNP Paribas Regional office in Casablanca Finance City, Abdelmadjid Fassi Fihri, said the landmark transaction with OCP has been a “great opportunity to leverage the expertise of our Corporate and institutional Banking teams in Casablanca, Milan, and Paris in order to deliver state-of-the-art cross-border structured financing supporting the ambitious sustainable trajectory of the kingdom”
Andre Gazal, Global Head of ECA & Multilateral Financing Solutions at Crédit Agricole CIB, echoed similar remarks. Through this agreement, he concluded, “OCP entrusted us to structure this financing which will serve their strategic capex plans, underlying the strong ties built between OCP and Crédit Agricole CIB over the years.”
