The world’s largest phosphate producer and market leader in phosphate fertilizers and the International Finance Corporation (IFC), have signed a major financing agreement.
This partnership will help support the Group’s efforts to consolidate its value chains in Africa, contribute to the continent’s economic development and promote the emergence of sustainable food systems in the region. OCP Africa, a subsidiary of the OCP Group, will rely on this funding to the tune of $ 100 million to strengthen its logistics chain and improve the availability of fertilizers adapted to local soils and crops, in Côte d’Ivoire, Ethiopia, Ghana, in Kenya, Nigeria, Senegal and Tanzania.
The funds will also be used to develop new support programs for local farmers. In addition to this funding, the two partners have also launched joint projects in the areas of improving corporate governance and promoting gender diversity.
“We continue to strengthen the strategic partnership between the OCP Group and IFC. The agreement signed today testifies to the common values and the high level of trust shared by our institutions. We are fully committed to generating sustainable and inclusive growth, while maximizing the potential of phosphate resources. Through this new agreement, we will be able to support more crops, more farmers, more communities, more ecosystems, in order to better feed the planet. We are thus concretizing a new stage in the achievement of our common objective of developing sustainable agriculture in Africa, which will allow the continent to fully play its role in terms of food security at the global level”, underlines Mostafa Terrab, Chairman and CEO of the OCP Group.
“This partnership with OCP is part of IFC’s strategy to promote regional integration through support for the development of a Moroccan champion in sub-Saharan Africa, which will create jobs and encourage technology transfer. Through this partnership, small producers will be able to access climate-smart farming practices, which will allow them to improve their productivity and thus, their livelihoods. This will also allow local communities to be more resilient to the effects of climate change,” noted Makhtar Diop, Managing Director of IFC.