Under the agreement, the World Bank-affiliated IFC will provide the OCP with a $100 million investment to expand its networking and strategy that aims to ensure sustainable agriculture on the continent.
Rabat – OCP Group, a world-leading fertilizer company and the world’s largest phosphate mining, has signed a financing agreement with the International Finance Corporation (IFC), a member of the World Bank Group, to improve the agricultural value chain in Africa.
The project aims to contribute to the economic development of the continent and its pursuit of sustainable food systems.
The IFC is dedicated to eradicating poverty in Africa, and creating economic opportunities across the continent by providing economic support to African countries in the wake of the COVID-19 pandemic.
OCP Group will receive a $100 million in investments from the IFC to help the group’s subsidiary in Africa expand its logistics networks.
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.
Mostafa Terrab, Chairman and CEO of OCP Group, described the agreement as a strategic partnership between OCP Group and IFC.
“Today’s agreement is a testament to the shared values and high level of trust our institutions enjoy,” Terrab said, emphasizing OCP Group’s commitment to enhancing sustainable and inclusive growth.
The group also committed itself to maximize the potential of the abundance of phosphate, suggesting that the agreement will allow OCP to support more crops, farmers, and communities to ensure food security.
“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,” OCP’s CEO added.
The IFC’s Managing Director, Makhtar Diop, also emphasized the importance of the partnership, saying that it is aligned with the company’s strategy to promote regional integration “through the support of a Moroccan champion expanding into Sub-Saharan Africa.”
“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.”
This is not the first time OCP and IFC have collaborated on a project. In April, both groups entered into an agreement to promote gender diversity.
The Moroccan group seeks to make its personnel recruitment competitive considering its social responsibility in promoting gender equality.
In addition to gender equity, OCP repeatedly renewed commitment to continue to expand assets in the content to ensure sustainable agriculture.
The company introduced several projects assisting smallholder farmers. One of the initiatives was the launch of an online service to promote the agricultural ecosystem.
OCP launched the “Al Moutmir” website in February. The platform serves as an expertise-sharing in the field of sustainable and smart agriculture.
It also serves as a platform to facilitate communication with farmers.
Culled from https://www.moroccoworldnews.com/2021/06/343129/moroccos-ocp-plans-to-expand-agricultural-value-chain-in-africa