Morocco: Office Chérifien des Phosphates (OCP Group)
The project relates to the expansion of OCP Group’s industrial facilities at Jorf Lasfar, a deep-water commercial port on Morocco’s Atlantic coast. In 2014, an industrial unit was launched with an annual capacity of one million tons of fertilizer dedicated to the African market. OCP Group is a leading global fertilizer and the largest global producer of phosphate rock and phosphoric acid that has been in operation for a century.
The Bank’s Investment
In 2011, the Bank approved a corporate loan of US $250 million to OCP of a total estimated cost of MAD 41 billion, or UA 3.2 billion. The program was financed through the company’s operating cash flows and loans from development banks (Agence Française de Développement, European Investment Bank, Islamic Development Bank , KfW Bankengruppe (German Development Bank) the Bank) and local and international commercial banks.
Economic and social benefits
The program generated around 20,980 direct jobs by the end of 2016, and the Moroccan Government received dividends net of taxes of MAD 1.7 billion.