Rabat – The African Development Bank Group (AfDB) announced today that it has signed an agreement for a partial credit guarantee that amounts to €450 million.
The agreement aims to support OCP’s 2023-2030 investment, a statement from AfDB said, describing the signing of the agreement as a “key milestone” in implementing the Moroccan giant’s plans.
“The operation is designed to facilitate the mobilisation of a €530 million green financing facility by Société générale and BNP Paribas,” the bank said, adding that the agreement will also help secure long-term financial resources from international financial institutions.
AfDB’s Country Manager in Morocco, Achraf Tarsim, expressed satisfaction with the signing, stating that this deal reaffirms the bank’s commitment to OCP Group’s investment program.
“Leveraging our AAA credit rating, we are mobilising international capital to accelerate the development of a low-carbon fertiliser producer, the deployment of renewable energy, and sustainable water management.”
Younes Kchia, OCP’s Chief Financial Officer, echoed the same sentiment, stating that the agreement shows OCP’s decisive step toward a low-carbon and circular industrial model.
“The support of the African Development Bank Group strengthens our capacity to invest in solutions that preserve resources, protect soils and support farmers,” Kchia said.
He added that this deal shows AfDB and OCP’s commitment to contributing to sustainable growth for Morocco, Africa and global food security.
AfDB’s statement concluded by reiterating its commitment to resources mobilized under the agreement to enable the launch of transformational projects focused on reducing greenhouse gas emissions.
In 2022, OCP presented its new green investment plan to King Mohammed VI, with a total investment of $13 billion.
The plan aligns with the monarch’s instructions calling for a faster transition toward a carbon-neutral economy. OCP Group has been working for years to scale up investment in green energy production and carbon-neutral ventures.
