Morocco’s OCP Receives a $150 million Loan From The Islamic Development Bank
By Mourad Anouar
Morocco News Tribune
Oklahoma City, U.S.A| Morocco’s l’Office Chérifien des Phosphates (OCP) has received a $150 million loan from the Jeddah-based Islamic Development Bank (IDP) in order to improve its infrastructure, OCP said in statement on Wednesday.
Mohamed El Hajjouji, Executive Director in charge of Finance and Management Support, said that this operation introduces a long-term partnership with the Islamic Development Bank.
Vice President Operations for the Islamic Development Bank Birama Boubacar Sidibe stated “that this funding is used within the framework of its support for multisectoral development projects realized in Morocco which represents a primary funding allowed significantly to a Corporate in Morocco,”
According to the press release, the loan is supposed to fund construction work rehabilitation of port infrastructures at the port of Jorf Lasfa, a city on the Atlantic coast of Morocco.
OCP confirmed that the port of Jorf Lasfar, one of the world’s biggest exporters of phosphates and derivatives, which is used for export and import traffic represents a strategic infrastructure aimed to play a crucial role at the national economic level.
OCP plans to raise its annual output of fertilizers to 10 million tonnes by 2020 from 3.6 million, as it bets on a rapid increase in global demand, the company said early last year.