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Wednesday, December 1, 2021

Afreximbank signs $350m loan to provide financing for fertilizer coy

The African Export-Import Bank (Afreximbank), says the signing of a seven-year 350 million dollars term loan facility will provide financing to OCP Group, the world’s largest phosphate mining and leading fertilizer company.

Afreximbank’s Head of Corporate Communications, Amadou Sall, said in a statement that the facility would support OCP Group’s expansion plans across Africa.

According to the statement, Prof. Benedict Oramah, President of Afreximbank, said that Afreximbank was fulfilling its mandate through partnership with a major player in the fertilizer industry and with a strong presence across Africa,

Oramah said that the bank was also 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.

“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 said.

Sall said that the OCP Group numbers among the world’s largest phosphate producers, with a strong position across all five continents was exporting to more than 160 clients.

He said that over the last decade, the Group had consolidated its position in many African countries.

“African player is committed to developing South-South cooperation, placing Africa at the heart of its growth plan to contribute to bolstering the entire African agricultural ecosystem,’’ Sall said. (NAN)

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