MOROCCO – African Export-Import Bank (Afreximbank), the Pan-African multilateral EXIM Bank, has signed a 7-year US$350 million Term Loan Facility to provide financing to OCP Group, a phosphate mining and leading fertilizer company, to support its expansion plans across Africa.
The financing is part of Afreximbank’s remit to advance regional trade in Africa where its support is prioritized towards activities of African multinational corporations dubbed “Intra-African Trade Champions” – reflecting their status as key actors in the expansion and acceleration of Intra-African trade.
Prof. Benedict Oramah, President of Afreximbank, observed that through this partnership with a major player in the fertilizer industry and with a strong presence across Africa, Afreximbank was fulfilling its mandate of facilitating export development in the continent and promoting intra-African trade and investments.
“This facility also has symbolic value, as it marks the beginning of a productive and close relationship between Afreximbank and OCP Group.”
Prof. Benedict Oramah – President, Afreximbank
“This is an important transaction which supports the development of Africa’s agricultural capacity. OCP Group’s products, which are tailored to the needs of African farmers, will generate broad and deep improvements to the continent’s ability to compete in international agricultural markets,” said Prof. Oramah.
“This facility also has symbolic value, as it marks the beginning of a productive and close relationship between Afreximbank and OCP Group. We are delighted to announce this facility, as the first demonstration of the strong relationship the Bank enjoys with Morocco.”
OCP Group numbers among the world’s largest phosphate producers, with a strong position across all five continents and exporting to more than 160 clients.
Over the last decade, the Group has consolidated its position in many African countries and, as an African player, is committed to developing South-South cooperation, placing Africa at the heart of its growth plan to contribute to bolstering the entire African agricultural ecosystem, by providing the continent with both the right quantities and qualities of customized fertilizer products.
As part of Afreximbank’s remit to advance regional trade in Africa, support is prioritized towards activities of African multinational corporations dubbed “Intra-African Trade Champions” – reflecting their status as key actors in the expansion and acceleration of Intra-African trade.
Afreximbank deploys innovative structures to deliver financing solutions that are supporting the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby sustaining economic expansion in Africa.
Meanwhile, OCP group has announced that it would continue supplying fertilizers to US farmers despite the US decision to impose duties on phosphate fertilizer imports from Morocco.
The US International Trade Commission (ITC) rendered a decision that will result in the application of a 19.97% countervailing duty on phosphate fertilizer imports from Morocco.
