IDB lends $ 150 million to the OCP

An agreement was signed between the giant global phosphate OCP and the Islamic Development Bank for the grant by the latter to the Moroccan operator, 1st a $ 150 million, making the first installment of a global loan of $ 220 million over a period of 12 years with two years grace period.

On this occasion the Vice President of the IDB, Birama Boubacar Sidibé said that "This is the first time that we give an unsecured loan by the State."

This loan will finance the proposed expansion and rehabilitation of port facilities  at Jorf Lasfar.

In comments, the Executive Director in charge of the financial center of the OCP, Mohamed El Hajjouji, said that this is "an important project for future exports of OCP, knowing that the Office  is providing to double its production capacity of phosphate and triple that of fertilizers and chemicals. "

This is not the first  IDB  transaction with Morocco, it is one of the funders of the kingdom, on several projects, mostly for the state.The IDB was established in 1975 and is based in Jeddah, Saudi Arabia, it is a promoter of global Islamic finance.