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AfDB, CACF, CTF Vow to Fund OCP’s Green Investment Projects, $188 Million Allocated

Moroccan phosphate and fertilizer producer–“Office Chérifien des Phosphates “OCP”–and the African Development Bank (AfDB)–inked three loan agreements on Monday in Rabat, where the AfDB, Canada-AfDB Climate Fund (CACF), and Clean Technology Fund (CTF) pledged to provide $150 million, $18 million, and $20 million respectively, to support the development of modular seawater desalination plants and renewable energy storage systems, announced the OCP in a press release.

Ousmane Fall, Director of the Industrialization and Trade Development Department at the AfDB, and Karim Lotfi Senhadji, Chief Financial Officer of OCP Group, signed the financing agreements in a ceremony attended by Canadian government representatives.

The AfDB’s initial $150 million loan, accompanied by $18 million from the CACF, will enable the establishment of three modular seawater desalination plants.

These plants, designed by OCP Group, are expected to have a yearly output of 110 million m3, providing non-conventional water autonomy for OCP Group’s industrial sites and ensuring up to 75 million m3 of drinking water to Safi, El Jadida, and neighboring regions, benefiting over 1.5 million people.

The CTF’s loan, totaling $20 million, is intended to finance renewable energy storage systems that will supply power to OCP Group’s desalination plants and other operational units.

These projects aim to support vulnerable populations, particularly youth and women in rural areas, by providing a sustainable drinking water supply in alignment with Morocco’s emergency plan for potable water availability. It will also provide a significant source of jobs.

“We are pleased to see that this fund is being effectively deployed in Morocco to help address climate challenges. We are delighted to be associated with it alongside our partners: the African Development Bank and OCP Group,” stated Jean Touchette, advisor and chief of cooperation at the Canadian Embassy in Morocco.

Achraf Tarsim, Head of the AfDB Morocco’s Office, acknowledged the significance of the large-scale project in confronting water stress in Morocco and in optimizing water resource management in OCP’s industrial activities.

Karim Lotfi Senhadji, Chief Financial Officer at OCP, expressed gratitude for the substantial contributions to their $13 billion investment program. “Our sustainability goals aim to achieve 100% non-conventional water by 2024, 100% renewable energy by 2027, self-sufficiency in green ammonia by 2032, and total carbon neutrality by 2040,” he stated.