Downtown Africa
Rabat – The African Export-Import Bank (Afreximbank) signed a $350 million loan facility deal, seeking to provide financing for Morocco’s fertilizer group OCP.
The seven-year term loan facility will provide support for OCP’s expansion projects in Africa.
The bank expressed satisfaction with the agreement describing OCP as a “major player” in the fertilizer industry and with a “strong presence across Africa.”
President of Afreximbank, Benedict Oramah described the signing of the agreement with OCP as an “important transaction which supports the development of Africa’s agricultural capacity.”
The president of the bank said OCP’s products are tailored to the needs of African farmers.
The president emphasized that the products will also improve the continent’s ability to compete in the international agricultural markets.
“This facility also has symbolic value, as it marks the beginning of a productive and close relationship between Afreximbank and OCP Group,” the president of the bank added.
The bank recalled OCP’s dominating role in the continent and across the world, supplying more than 160 clients.
The OCP group has long expressed commitment to help African countries grow their agricultural projects, positioning itself as a major African player in the fertilizer industry.
In March, the fertilizer group signed several partnership agreements with Nigeria to see the ammonia plant in Nigeria operational by 2024.
Through the multipurpose industrial platform, both partners want to produce 750,000 tonnes of ammonia and one million tons of phosphate fertilizers annually by 2025.
Nigeria is part of a lengthy lineup of partners, working with the OCP in Africa.
The Moroccan group, expanded projects in the continent, contributing to African plans in the field of smart and sustainable agriculture.
One of the OCP projects is a platform to ensure knowledge sharing between African partners on soil mapping.
“African agriculture is at a transformational moment in its history and – a time of incredible possibility and promise for farmers and industry alike,” OCP said.
The group believes that Africa will become a world leader in sustainable farming, using local resources to realize the continent’s vast agricultural potential and help feed its growing population.
“We are committed to working hand-in-hand with the people who will make this a reality . African smallholder farmers – enabling them to move from subsistence to a more modern way of farming,” the group emphasized.
