Announced at the Spring Meetings of the World Bank Group and the IMF
Funding: The 100 million euros to be granted will finance the construction of four solar power plants in the mining towns of Benguerir and Khouribga, home to the largest phosphate reserves in Morocco. These plants will supply OCP’s industrial activities in Morocco and will thus enable the group to reduce its carbon footprint and increase its production of green manures.
A green loan consolidates the partnership concluded between the International Finance Corporation (IFC) and the OCP Group. A loan of 100 million euros will be granted for this purpose for the construction of four solar power plants in the mining towns of Benguerir and Khouribga, home to the largest phosphate reserves in Morocco. These power plants will supply OCP’s industrial activities in Morocco and will thus enable the Group to reduce its carbon footprint and increase its production of green manures. They will have a combined capacity of 202 megawatts (MW) and will supply clean energy directly to OCP’s industrial sites. An agreement was concluded to this effect between Makhtar Diop, Managing Director of IFC, and Mostafa Terrab, Chairman and Managing Director of the OCP Group, on the occasion of the Spring Meetings of the World Bank Group and the Monetary Fund. International, which continues in Washington until April 16, 2023. “This unprecedented agreement underlines our commitment to global agricultural transition.
Investing in reliable and competitive renewable energy is a key pillar of OCP’s investment plan to achieve our ambitious sustainable green manure goals,” said Mostafa Terrab. And to add that: “This loan also testifies to the strong partnership that we are building with IFC and the alignment of our institutions on the global challenges of food security and climate change”. For his part, Makhtar Diop, Managing Director of IFC, said: “Climate change and food security are deeply interconnected. With this investment, we are helping to build a more sustainable and secure food system for Africa and for the whole world”.
It should be noted that this project will be implemented by “OCP Green Energy SA”, a subsidiary of OCP created in 2022, to develop and implement the Group’s renewable energy production activities. The solar power plants will provide a cost-effective source of energy, contributing to the overall competitiveness of the OCP Group and its production of low-carbon fertilizers. OCP plans to meet 100% of its electricity needs with wind, solar and cogeneration energy by 2027.
The plants will also support the diversification of the electricity sector in Morocco.
It should be noted that this project is an integral part of the OCP Group’s $13 billion Green Investment Program which aims to increase the production of green manures by leveraging renewable energies. It will reduce the Group’s emissions by around 285,000 tonnes of carbon dioxide equivalent (tCO2e) per year. It also supports IFC’s mandate to help emerging countries access private capital to implement environmentally friendly projects, decarbonize their economies and adapt to global warming. This project further aligns with IFC’s Global Food Security Platform, a $6 billion financing facility launched in 2022 to build the capacity of the private sector to respond to the food crisis and support food production. sustainable food production.
The project will also rely on the expertise of INNOV’X, an innovation vector launched by the Mohammed VI Polytechnic University (UM6P) in 2022 and which aims to respond to global sustainability issues and technological challenges. through the development of innovative businesses and high-performance ecosystems with a strong local impact. Recall that IFC has committed to increasing its climate-related investments to an annual average of 35% of its volume of long-term commitments between 2021 and 2025 and to working with financial institutions to finance projects that support mitigation. and adaptation to climate change.
This is the title of the box
Morocco in the spotlight during the spring meetings
IMF-World Bank
Future host of the Annual Meetings of the World Bank Group and the International Monetary Fund (IMF) scheduled for Marrakech next October, Morocco is in the spotlight during the spring meetings of the two international financial institutions, which take place until April 16 in Washington. A diversified program to promote the assets and potentialities of the Kingdom, led by the Ministry of Economy and Finance, was implemented at the headquarters of the two institutions throughout this week.
Several key activities highlight the economic, tourist and cultural attractiveness of Morocco and contribute to creating enthusiasm around these high-level meetings scheduled in the ocher city from October 9 to 15. Two pavilions have been set up, in collaboration with the Maison de l’artisan, at the level of the main buildings of the World Bank and the IMF, with an area of 350 m2 and 270 m2 respectively. Built according to traditional Moroccan architecture, these two pavilions have several exhibition spaces, including handicrafts, carpets and traditional Moroccan outfits.
The two pavilions arouse a notable enthusiasm on the part of visitors among the members of delegations participating in the spring meetings, journalists and international experts. Exhibitions of photos and works of art highlighting young Moroccan artists have also been set up, in collaboration with the National Museums Foundation, allowing participants to discover the sensibilities and vitality of the Moroccan artistic scene. The Kingdom’s tourist assets were highlighted through information desks presenting the new campaign “Morocco, land of lights”, launched by the Moroccan National Tourist Office (ONMT). Days dedicated to Moroccan gastronomy, notably through buffets, tasting sessions and accompanied by the emblematic tea ceremony, punctuate the program of activities in the headquarters of the two international institutions.
.jpg "FC Barcelona to Sign Jonathan Tah")
