In an effort aimed at providing finance to the Moroccan State-owned world largest phosphate mining and leading fertilizer company, the OCP Group, the African Export-Import Bank (Afreximbank) has revealed that it has penned a 7-year loan facility worth $350 million on a long-term basis. The bank said the facility would help the Group in its expansion plans across Africa. Amadou Sall, Head of Corporate Communications at Afreximbank revealed this in a statement.
According to the statement from the bank, Prof. Benedict Oramah, President of the African Export-Import Bank said that the bank was fulfilling its mandate through the partnership with a major player in the fertilizer industry with a major presence across the African continent. He also said that the financial institution is also bringing to pass its mandate which is aimed at facilitating the development of export in the continent as well as promoting intra-African trade and investments.
This is an important transaction that 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.
“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,’’ Oramah stated.
The statement from the export and import development focused bank for Africa also revealed that the OCP group was exporting to more than 160 clients as the world’s largest phosphate producers, with a strong position across 5 continents while the exporting group has over the last decade, consolidated its position in many African countries.
“The 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,’’ it reads.