{"id":80023,"date":"2023-10-12T01:00:43","date_gmt":"2023-10-12T01:00:43","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/10\/12\/ifc-extends-usd-100-mn-loan-to-moroccos-ocp-to-boost-green-fertilizer-production\/"},"modified":"2023-10-12T01:00:43","modified_gmt":"2023-10-12T01:00:43","slug":"ifc-extends-usd-100-mn-loan-to-moroccos-ocp-to-boost-green-fertilizer-production","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/10\/12\/ifc-extends-usd-100-mn-loan-to-moroccos-ocp-to-boost-green-fertilizer-production\/","title":{"rendered":"IFC extends USD 100 mn loan to Morocco\u2019s OCP to boost green fertilizer production"},"content":{"rendered":"<p><strong><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a><\/strong><strong>Morocco\u2019s OCP secures a green loan from the IFC: <\/strong>The International Finance Corporation (IFC) will extend a USD 100 mn loan to Moroccan state-owned fertilizer and phosphate giant OCP Group to boost the company\u2019s solar-powered fertilizer production operations, according to a <a href=\"https:\/\/pressroom.ifc.org\/all\/pages\/PressDetail.aspx?ID=27825\">statement<\/a>.<\/p>\n<p><strong>Where is the money going: <\/strong>The loan will help finance two solar energy farms with a combined 400 MW peak power capacity and a total investment ticket of USD 360 mn in the Moroccan towns of Benguerir and Khouribga, which are home to Morocco\u2019s largest phosphate reserves. The solar projects will be supplemented with a BESS facility with a 100 MWh peak storage capacity. OCP aims to use the clean energy it produces from the PV plants to greenify its phosphate mining operations in the two locales.<\/p>\n<p><strong>Why is this important? <\/strong><a href=\"https:\/\/www.ocpgroup.ma\/what-is-phosphate\">Phosphate<\/a> provides a quarter of the nutrients needed for plant growth and development, but mining the chemical elements generates an <a href=\"https:\/\/www.sinab.it\/sites\/default\/files\/Carbon%20footprint%20evaluation%20of%20biofertilizers.pdf\">estimated<\/a><a href=\"https:\/\/www.sinab.it\/sites\/default\/files\/Carbon%20footprint%20evaluation%20of%20biofertilizers.pdf\">1.8 kg<\/a><a href=\"https:\/\/www.sinab.it\/sites\/default\/files\/Carbon%20footprint%20evaluation%20of%20biofertilizers.pdf\">of CO2<\/a> for each kilo produced.<\/p>\n<p><strong>Not the first time:<\/strong> Back in April, the IFC <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/10dcc130-f406-43a0-b23d-06358ad2e6a1\">extended a USD 100 mn credit line<\/a> to the Moroccan company to finance the first phase of OCP\u2019s 1.2 GW solar program, which will involve development of four PV plants, also in Benguerir and Khouribga, with a combined 202 MW power capacity.<\/p>\n<p><strong>And that\u2019s not all: <\/strong>The IFC and OCP launched a USD 800 mn agricultural financing platform to mobilize blended capital in a bid to boost food security across Africa, according to a separate <a href=\"https:\/\/pressroom.ifc.org\/all\/pages\/PressDetail.aspx?ID=27816\">statement<\/a>. The platform aims to strengthen 30 food value chains across the continent through 60 individual agri-financing operations, upskilling farmers and food producers on building resilient food production and distribution networks with a focus on growing crop types compatible with Africa\u2019s climate conditions. The platform has inked a partnership agreement with the Bank of Africa to improve access to fertilizers for African farmers and agri-processors, and has designed projects to support cashew and rice value chains in a number of countries across the continent.<\/p>\n<p><strong>IN OTHER IFC NEWS- More support for sustainable farming in Morocco: <\/strong>The IFC, Morocco\u2019s Banque Centrale Populaire (BCP), and Moroccan agritech company <a href=\"https:\/\/cmgp-cas.com\/\">CMGP<\/a> will establish a USD 36 mn risk sharing facility (RSF) through which BCP will provide green loans the kingdom\u2019s agricultural sector, according to a <a href=\"https:\/\/pressroom.ifc.org\/all\/pages\/PressDetail.aspx?ID=27813\">statement<\/a>. The RSF will lend support to some 30k farmers and SMEs in the country by 2027 to boost capacities for solar-powered irrigation, development of sustainable water management systems, and micro irrigation farming in Morocco.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Morocco\u2019s OCP secures a green loan from the IFC: The International Finance Corporation (IFC) will extend a USD 100 mn loan to Moroccan state-owned fertilizer and phosphate giant OCP Group to boost the company\u2019s solar-powered fertilizer production operations, according to a statement. Where is the money going: The loan will help finance two solar energy [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":80024,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84],"tags":[83,11,162,45,335],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-80023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-enterpriseclimate","tag-ifc","tag-morocco","tag-ocp","wpautop","entry"],"acf":{"mongo_id":"d7eb9f7c-a1f8-4a07-aadf-47d3a40a0946","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/1587.jpg","photo_position":"above","related_issue":[80018],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>IFC extends USD 100 mn loan to Morocco\u2019s OCP to boost green fertilizer production - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2023\/10\/12\/ifc-extends-usd-100-mn-loan-to-moroccos-ocp-to-boost-green-fertilizer-production\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IFC extends USD 100 mn loan to Morocco\u2019s OCP to boost green fertilizer production\" \/>\n<meta property=\"og:description\" content=\"Morocco\u2019s OCP secures a green loan from the IFC: The International Finance Corporation (IFC) will extend a USD 100 mn loan to Moroccan state-owned fertilizer and phosphate giant OCP Group to boost the company\u2019s solar-powered fertilizer production operations, according to a statement. 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