Morocco's OCP receives $525m AfDB credit guarantee to aid low-carbon push
The African Development Bank (AfDB) has approved a credit guarantee of up to €450-million, or about $525.4-million, to support the low-carbon goals of Moroccan fertiliser and phosphates producer OCP Group, the bank said on Thursday.
This financing will enable OCP to mobilise up to €530-million in long-term funding from international financial institutions to support its programme to boost low-carbon fertiliser production, the AfDB statement said.
OCP plans to invest $13-billion over 2023 to 2027 to switch fully to renewable energy and desalinated water in its industrial processes as it pushes for carbon neutrality by 2040.
The financing will contribute to projects aimed at reducing greenhouse-gas emissions, developing clean energy and enhancing operational efficiency in water and energy management, the AfDB said.
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