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Afreximbank signs US$350 million loan facility for OCP Group

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World Fertilizer,


African Export-Import Bank (Afreximbank), the Pan-African multilateral EXIM Bank, has announced the signing of a 7-year US$350 million term loan facility to provide financing to OCP Group. The facility will support OCP Group’s expansion plans across Africa.

Professor Benedict Oramah, President of Afreximbank, observed that through this partnership with a major player in the fertilizer industry and with a strong presence across Africa, Afreximbank 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,” said Oramah. “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,” he added.

As part of Afreximbank’s remit to advance regional trade in Africa, support is prioritised towards activities of African multinational corporations dubbed 'Intra-African Trade Champions' – reflecting their status as key actors in the expansion and acceleration of Intra-African trade.

Read the article online at: https://www.worldfertilizer.com/phosphates/16032021/afreximbank-signs-us350-million-loan-facility-for-ocp-group/

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