Morocco’s 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’s solar-powered fertilizer production operations, according to a statement.

Where is the money going: 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’s 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.

Why is this important? Phosphate provides a quarter of the nutrients needed for plant growth and development, but mining the chemical elements generates an estimated 1.8 kg of CO2 for each kilo produced.

Not the first time: Back in April, the IFC extended a USD 100 mn credit line to the Moroccan company to finance the first phase of OCP’s 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.

And that’s not all: 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 statement. 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’s 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.

IN OTHER IFC NEWS- More support for sustainable farming in Morocco: The IFC, Morocco’s Banque Centrale Populaire (BCP), and Moroccan agritech company CMGP will establish a USD 36 mn risk sharing facility (RSF) through which BCP will provide green loans the kingdom’s agricultural sector, according to a statement. 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.