Morocco’s OCP Group has announced plans to expand agricultural value chain in Africa. This follows a financing agreement signed between the leading fertilizer company and the world’s largest phosphate mining with International Finance Corporation (IFC), a member of the World Bank Group for the implementation.
OCP Group will receive US $100million from the Corporation that will aid in expanding its logistics network. The project aims to contribute to the economic development of the continent and its pursuit of sustainable food systems.
Fertilizers adapted to local soils and crops
The agreement also seeks to increase the availability of fertilizers adapted to local soils and crops in different African countries, including Côte d’Ivoire, Ethiopia, Ghana, Kenya, Nigeria, Senegal, and Tanzania. OCP Group will also use the funds to introduce more farmer development programs. The IFC and OCP Group will launch projects to promote gender equity and enhance corporate governance.
“Today’s agreement is a testament to the shared values and high level of trust our institutions enjoy. This is a new step towards our common goal of developing sustainable agriculture in Africa, helping the continent play its role towards achieving global food security,” said Mostafa Terrab, Chairman and CEO of OCP Group.
“Through our partnership, smallholder farmers will be able to access climate-smart agriculture practices, increase productivity thus improving their livelihoods, and communities will be able to better withstand the impact of climate change,” the CEO added.
