African Export-Import Bank (Afreximbank), the Cairo, Egypt-headquartered pan-African multilateral EXIM bank, has signed a seven-year $350 million term loan facility to provide financing to the OCP Group, the bank reported March 15.
Afreximbank said the facility will support the Moroccan group’s expansion plans across Africa.
OCP Africa, a wholly owned subsidiary of the OCP Group, and Nigeria earlier this month inked a number of agreements to advance their ammonia and fertilizer production project plans in the West African country (GM March 5, p. 1). The Moroccan group, via its African subsidiary, is also pursuing fertilizer production projects at various stages of development in Ethiopia and Ghana, as well as a number of fertilizer blending projects in the Sub-Saharan African region.