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OCP Group, the world’s largest phosphate mining and leading global fertilizer group, and International Finance Corporation (IFC) have signed a financing agreement to support OCP in expanding its value chain in Africa. A joint statement by the organisations sent Financial Nigeria said the new partnership deal is part of efforts to contribute to the economic development of the continent and to set up sustainable food systems in the region.

IFC’s $100 million financing will help OCP Africa, a subsidiary of OCP, expand its logistics networks and increase the availability of fertilizers, adapted to local soils and crops, in Cote d’Ivoire, Ethiopia, Ghana, Kenya, Nigeria, Senegal, and Tanzania. The funds will also be used to put in place additional farmer development programs. Along with this financing, OCP has also launched projects with IFC to enhance corporate governance and promote gender equity.

“This agreement will allow us to support more crops, more farmers, more communities, more natural environments, and help feed the world,” said Mostafa Terrab, Chairman & CEO of OCP Group. “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."

On his part, Makhtar Diop, IFC’s Managing Director, said that the partnership with OCP is part of IFC’s strategy to promote regional integration through the support of a Moroccan champion expanding into Sub-Saharan Africa, creating jobs and encouraging the transfer of technologies.

OCP has approximately 21,000 employees; it is a major company in Morocco and the largest phosphate exporter in the world. Its latest agreement with IFC expands on two earlier partnerships, one aimed at strengthening the rice sector in Cote d'Ivoire and the millet sector in Senegal, the other aimed at helping OCP obtain the leading global business certification for gender equality - EDGE (Economic Dividends for Gender Equality).