Industrial Transition: AfDB, OCP Sign €450 Million Partial Credit Guarantee
The African Development Bank Group (AfDB) and OCP Group signed a €450 million partial credit guarantee to support OCP’s €530 million green financing facility, aiming to accelerate low-carbon industrial projects in Morocco. The deal aligns with OCP’s $13 billion green investment plan, focusing on renewable energy, sustainable water management, and reducing greenhouse gas emissions under King Mohammed VI’s carbon-neutral vision.
The African Development Bank Group (AfDB) and OCP Group signed a €450 million partial credit guarantee in Rabat, designed to mobilize a €530 million green financing facility through Société Générale and BNP Paribas. The agreement supports OCP’s 2023-2030 investment strategy, which includes developing low-carbon fertilizer production, renewable energy deployment, and sustainable water management. AfDB’s Country Manager in Morocco, Achraf Tarsim, called the deal a key milestone, emphasizing the bank’s commitment to OCP’s low-carbon industrial transition. OCP’s Chief Financial Officer, Younes Kchia, highlighted that the partnership strengthens efforts to preserve resources, protect soils, and enhance global food security. The financing aligns with OCP’s $13 billion green investment plan, presented to King Mohammed VI in 2022, aiming for a carbon-neutral economy. The agreement also secures long-term funding from international financial institutions to reduce greenhouse gas emissions. AfDB’s statement reaffirmed its dedication to transforming projects under the agreement, supporting Morocco’s sustainable growth. The deal marks a decisive step toward OCP’s circular industrial model, leveraging its AAA credit rating to attract international capital.
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