Afreximbank okays $350m to OCP

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African Export-Import Bank (Afreximbank) has signed a seven-year $350 million Term Loan Facility to provide financing to OCP Group, the world’s largest phosphate mining and leading fertiliser company. The facility will support OCP Group’s expansion across Africa.

President of Afreximbank, Prof. Benedict Oramah said through this partnership a major player the fertiliser industry and with a strong presence across Africa, the bank fulfilling its mandate of facilitating export development the continent and promoting intra-African trade and investments.

“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 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 Morocco,” Oramah said.