OCP signs two loan agreements today for a total amount of $482 millions of dollars
MoroccoTomorrow – MAP
OCP signs two loan agreements today:
– OCP and the French Development Agency (AFD) signed a loan agreement amounting to $232 millions dollars to support the Group’s strategy in the field of water
– OCP and the African Development Bank (ADB) signed a loan agreement of $250 millions under the investment program of OCP
Casablanca, May 10, 2012 (MAP) – OCP and the African Development Bank (ADB) signed Thursday in Casablanca, a loan agreement of $ 250 million under the investment program of OCP.
This agreement, the first non-sovereign financing of the Bank to a Moroccan company, was signed by the CEO of OCP, Dr Mostafa Terrab, and Ms. Amani Abu-Zeid, Resident Representative of ADB.
It will allow the construction of the industrial platform of Jorf Lasfar, which ultimately be home to several chemical complexes in order to increase local processing capacity of phosphate derivatives (phosphoric acid and fertilizers). This will contribute to achieving the objectives of the Global Programme of development of African agriculture to increase agricultural production and food security.
This new partnership with OCP has value to the efforts by the Bank to promote the transfer of know-how South / South and strengthen African agriculture in the context of the African development finance fertilizer, said, during the signing ceremony, Ms. Abu-Zeid.
The Bank support illustrates and confirms the main lines of the pillars of the new strategy of Bank assistance to Morocco for the period 2012-2016, namely the strengthening of governance and social inclusion and development support green infrastructure. This strategy also supports projects of local processing and export-oriented private sector development.
She recalled that the Bank’s active portfolio in Morocco consists of 24 operations including 14 loans and 10 gifts for net liabilities amounting to over 2 billion Euros (about 23 billion dirhams). This level of commitment is a telling indicator of the dynamism and exemplary partnership between the Bank and the United Kingdom, she said.
Earlier in the day, OCP and the French Development Agency (AFD) signed a loan agreement amounting to 180 million euros to support the Group’s strategy in the field of water, to support the industrial development of the OCP, while preserving water resources.
This loan is to finance part of the planned desalination plants at Jorf Lasfar and Safi, sewage plants water Khourigba, Youssoufia and Ben Heal and supply systems and water distribution.