OCP Group, the world's largest phosphate mining and leading global fertilizer group and IFC, signed a milestone financing agreement. This partnership will help support OCP in expanding its value chain in Africa, as part of its effort 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, to 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.
Photo: IFC
The strategic partnership between OCP Group and IFC continues to grow, and today's agreement is a testament to the shared values and high level of trust our institutions enjoy. We are committed to enhancing sustainable and inclusive growth, while maximizing the potential of the phosphate resource. This agreement will allow us to support more crops, more farmers, more communities, more natural environments, and help feed the world. 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,” said Mostafa Terrab, Chairman & CEO of OCP Group.
“The strategic partnership between OCP Group and IFC continues to grow, and today's agreement is a testament to the shared values and high level of trust our institutions enjoy.
We are committed to enhancing sustainable and inclusive growth, while maximizing the potential of the phosphate resource. This agreement will allow us to support more crops, more farmers, more communities, more natural environments, and help feed the world. 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,” said Mostafa Terrab, Chairman & CEO of OCP Group.
This article was originally published by IFC.
