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The European Investment Bank (EIB) and the Moroccan world leading corporation in the phosphate industry OCP SA have signed a loan agreement of €130 million to finance the upgrading of the group’s facilities and increase its production capacity.
The agreement was signed on Monday 8 October 2012 by Mohamed El Hajjouji, Executive Director in charge of Finance and Management Support at OCP SA, and Philippe de Fontaine Vive, Vice-President of the European Investment Bank (EIB). This new loan represents the continuation of a €200 million loan agreement signed on 30 December 2011.
The funding comes as part of the strategy of diversifying and optimising the OCP Group’s sources of finance with a view to upgrading its facilities and increasing its production capacity. It will specifically finance the construction of two low-grade phosphate processing and enrichment plants in Khouribga and two more modern sulphuric acid production plants in Safi to replace the existing facilities.
With 2012 marking 10 years of the EIB’s activity in the Mediterranean, the signing of this loan underscores the 35-year quality partnership between the EIB and Morocco, which has given rise to €4.7 billion worth of financing in key sectors such as energy, transport, telecoms, water, small and medium-sized enterprises (SMEs), urban infrastructure and industry. In 2011, Morocco was one of the leading beneficiaries of EIB action, attracting €200 million of investment. Since January 2012, the EIB has committed the record amount of over €450 million to practical projects directly promoting Morocco’s economic and social development. (EU Neighbourhood Info)
Read more
Press release
EIB – Facility for Euro-Mediterranean Investment and Partnership (FEMIP)
EIB – website
FEMIP website
FEMIP 10-year anniversary video
EU Neighbourhood Info Centre – Morocco
