Morocco: Financing of the OCP infrastructure

The European Investment Bank (EIB) intends to grant a USD 200 million loan to finance modernization of Morocco’s state-run Office Cherifien des Phosphates (OCP). The loan will cover a third of the group’s USD 600 million investment program to replace four obsolete sulphuric acid units at Safi. Also planned is the construction of two scrubbing units at Khourigba with a combined annual capacity of 15 million tonnes of phosphate. OCP has two-thirds of the world’s phosphate reserves and is the world’s top exporter of phosphate rock, but Morocco is a minor producer of oil and natural gas, and in fact, it is the largest energy importer in North Africa.

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