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 plans across Africa.
President of Afreximbank, Prof. Benedict Oramah said through this partnership with a major player in the fertiliser industry and with a strong presence across Africa, the bank was fulfilling its mandate of facilitating export development in 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 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 said.