African Export-Import Bank has signed a seven-year $350m term loan facility to provide financing to OCP Group, a phosphate mining and fertiliser company.
The facility would support OCP Group’s expansion plans across Africa, Afreximbank said on Monday.
The President of Afreximbank, Prof. Benedict Oramah, was quoted as saying the bank was fulfilling its mandate of facilitating export development in the continent and promoting intra-African trade and investments.
“This is an important transaction which supports the development of Africa’s agricultural capacity,” he said.
According to Oramah, OCP Group’s products, which are tailored to the needs of African farmers, will generate broad and deep improvements to the continent’s ability to compete in international agricultural markets.
“This facility also has symbolic value, as it marks the beginning of a productive and close relationship between Afreximbank and OCP Group. We are delighted to announce this facility, as the first demonstration of the strong relationship the Bank enjoys with Morocco,” Oramah added.
OCP Group is among the world’s largest phosphate producers with a strong position across all five continents and exporting to more than 160 clients.
As part of Afreximbank’s remit to advance regional trade in Africa, support is prioritised towards activities of African multinational corporations dubbed ‘Intra-African Trade Champions’, which reflects their status as key actors in the expansion and acceleration of Intra-African trade, the statement added.
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