The Multilateral Investment Guarantee Agency (MIGA), a body of the World Bank Group, has issued a guarantee to Crédit Agricole Corporate and Investment Bank (France) and to BNP Paribas (France) to cover loans of an amount maximum of 570 million euros for the benefit of the OCP Group.
The guarantee extends to 10 years and covers the risk of non-compliance with sovereign financial obligations by a state-owned company. The OCP Group, world leader in the phosphate fertilizer market, will use these funds to finance the construction of a new campus of the Mohammed VI Polytechnic University (UM6P) in Rabat, the first phase of which was launched in October 2021. Two new phases will be completed by 2024.
This operation is a first in the education sector in Morocco and in Africa. It confirms the soundness of UM6P’s financial strategy and demonstrates the credibility of the Group’s approach to the knowledge economy and environmental, social and governance (ESG) choices.
The new campus will provide high-level training to nearly 2,000 students in the fields of economics, governance, political science, international relations, behavioral and social sciences, hospitality and management. In addition, the campus will house a new faculty of governance and will host the first school and business incubator for artificial intelligence in Morocco. The facility will also have multi-sport centers, digital learning labs, a language center, a library and a hotel offer to accommodate university guests and train students of the School of Hospitality. Business and Management.
UM6P is at the heart of OCP Group’s innovation, sustainability and transformation strategy. Founded in 2017 with a first campus in Benguerir, the university drives more than 80% of OCP Group’s R&D activities in strategic areas such as fertilizers, industrial facilities, clean energy and sustainable water management. . The university also contributes to the development of training programs allowing the human capital of the OCP Group to reach its full potential.
- “We are very grateful for MIGA’s vote of confidence in our plan to increase the reach and educational capacity of UM6P for the long-term results it delivers. MIGA’s support in the development of our new facilities within the Rabat campus will allow us to increase skills, innovation and development in important areas that the current campus does not offer. UM6P’s mission is to consolidate Morocco’s frontline position in these areas, in a partnership-based approach to boost the vocational training essential for Africa’s future. The OCP Group has grown to become a major player in plant nutrition and remains convinced that education and R&D are key levers for the future of food security and progress. This development is exciting not only for Moroccan students, but also for young people across Africa,” said Hicham El Habti, President of UM6P.
- “MIGA is proud to be part of this project where its guarantee is to unlock financing from international lenders on competitive terms to finance the development of state-of-the-art facilities in the country,” added Hiroshi Matano, Executive Vice President of MIGA. MIGA. “Furthermore, the expansion of UM6P’s R&D facilities will boost Morocco’s competitiveness and contribute to building current and future human capital that will benefit the country. »
- With the support of MIGA, OCP Group is committed to continuing its progress towards green building certifications through the US Green Building Council’s LEED certification program for many of its facilities at the Rabat campus. In addition, the new Rabat campus will allow the addition of hydraulic structures aimed at protecting the structure against the risk of flooding, as well as the burial of a 60 Kv power line or the rehabilitation of a substation. associated.
- The OCP Group and the World Bank Group are long-standing partners. In June 2021, the International Finance Corporation (IFC), a member of the World Bank Group, and OCP signed a $100 million financing agreement to expand OCP Africa’s logistics networks and increase the availability of its fertilizers, adapted to local soils and crops, in Côte d’Ivoire, Ethiopia, Ghana, Kenya, Nigeria, Senegal and Tanzania. IFC also supported the OCP Group in obtaining EDGE (Economic Dividends for Gender Equality) certification, an international reference in terms of gender equality, which was announced last March.
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