The International Finance Corporation (IFC) and OCP Group are launching an agri-finance platform with the goal of mobilizing $800 million in blended capital by 2030.
This new platform is set to advance sustainable food production and distribution systems across Africa while contributing to skills development, job creation, and enhanced food security.
This platform is going to provide much-needed access to finance and skills training, ultimately strengthening 30 agricultural value chains in Africa through 60 agri-finance operations.
Agriculture serves as a cornerstone of Africa’s economy, contributing approximately 20 percent of the continent’s GDP and employing more than 60 percent of its workforce.
Africa currently relies heavily on food imports, making it vulnerable to external shocks. The platform’s focused investment strategy is designed to foster sustainable sector growth and elevate food security throughout the continent.
Mostafa Terrab, Chairman and CEO of OCP Group, said “today we’re mobilizing substantial new financing for African farmers and for the value chains that support them. The partnership between IFC and OCP is working to unlock the full potential of Africa to feed not only itself but the world.”
“We are thrilled to scale up our partnership with OCP to improve food production and attract investment to the continent. Both IFC and OCP Group will commit resources to grow the platform,” said Makhtar Diop, Managing Director of IFC.
The platform is intent on attracting new investors who can engage directly or indirectly. Every investment will be closely monitored for its impact across social, economic, and environmental metrics.
The platform has already established a partnership with the Bank of Africa to enhance access to fertilizers and other essential inputs for African farmers and agri-processors. It has also initiated the development of projects to support cashew and rice value chains in Côte d’Ivoire and is actively designing new projects in countries like Cameroon and Gabon.
This initiative uses the specialized knowledge of INNOVX, a multi-sector venture platform established by Mohammed VI Polytechnic University (UM6P), focused on creating innovative and sustainable local businesses and ecosystems. It also benefits from the wealth of expertise from OCP Africa, a subsidiary of OCP Group dedicated to the African continent.