OCP Group, the world’s leading phosphate producer and leader in the phosphate fertilizer market, and IFC have signed a major financing agreement, for a partnership that will help support the Group’s efforts to consolidate its value chains in Africa, to contribute to the economic development of the continent 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, says the Group, noting that 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, ”said Mostafa Terrab, Chairman and CEO of OCP Group.
And to add: “Through this new agreement, we will be able to support more cultures, more farmers, more communities, more ecosystems, in order to better nourish 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 ”.
For his part, Makhtar Diop, Managing Director of IFC, estimated that “this partnership with OCP is part of IFC’s strategy to promote regional integration through support for the development of a champion. Moroccan 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, ”he added.
The OCP Group, which employs more than 21,000 people, is one of the largest companies in the country and the world’s leading exporter of phosphate.
The agreement is based on two previous partnerships, one aimed at strengthening the rice sector in Côte d’Ivoire and the millet sector in Senegal, the other aimed at supporting OCP in obtaining the main global certification. companies for gender diversity – EDGE (Economic Dividends for Gender
IFC is committed to fighting poverty and creating opportunities in Africa while helping the region overcome the economic fallout from the COVID-19 crisis.