Rabat – The African Development Bank Group (AfDB) has approved a €450 million non-sovereign partial credit guarantee to support Morocco’s OCP Group’s green investment program, covering the 2023-2030 period.
AfDB said the new financing instrument is deployed for the first time in Morocco, enabling OCP Group to secure from international financial institutions a loan aligned with its green financing framework of up to €530 million. This is to allow OCP to secure long-term funding for its investment program.
The bank emphasized that it is supporting OCP’s transition toward low-carbon fertilizer production by leveraging its AAA rating to mobilize international capital.
The support also aims to support OCP’s development of renewable energy and sustainable water management, which are “Essential pillars for food and climate security on the continent,” said Achraf Tarsim, AfDB Country Manager for Morocco.
The bank recalled that its mobilized resources will also back projects seeking to reduce greenhouse gas emissions and develop clean energy, in addition to improving operational efficiency in water and energy management.
“They will also help advance initiatives to preserve soil health and promote sustainable agricultural practices,” the statement added, citing the operation’s ambition to facilitate the financing of a portfolio of green investments to help avoid more than 43 million tons of CO2 emissions between 2026 and 2038.
It also aims to foster the creation of thousands of jobs among youth and women.
The continental bank celebrated the project, describing it as part of its high-five priorities that aim to unlock Africa’s financial potential and attract capital for sustainable development across the continent.
