The International Finance Corporation, a member of the World Bank Group, announced on Friday a €100 million loan to the Office Chérifien des Phosphates (OCP) group to finance a project aimed at addressing water shortages in Morocco and food insecurity in Africa.
“To increase sustainable water supplies for fertilizer production and benefit farmers and families in Morocco, IFC today announced a €100 million (about $108 million) loan to OCP Group, the global leader in plant nutrition and phosphate fertilizer solutions,” the two institutions said in a joint statement issued in Washington.
This loan will support the construction of a 219-kilometre water pipeline and a pumping station to transport desalinated water from the existing and planned desalination plants of the OCP Group in Jorf Lasfar on the Atlantic Ocean, to the Group’s production sites in Khouribga.
The statement indicated that the total annual capacity of the pipeline, whose construction work has reached advanced stages, will reach 80 million cubic meters upon completion, adding that the project will provide the OCP Group with a sustainable and reliable source of water, in addition to providing water to farmers, companies and consumers in the city of Khouribga and its suburbs.
The statement included a statement by the group’s CEO, Mostafa Terrab, in which he confirmed that “this project reflects the OCP Group’s commitment to sustainable development and innovation,” noting that “by securing reliable sources of desalinated water, we will not only be able to ensure the continued growth of our activities, but we will also provide essential resources for the local population.”
He added that this initiative is fully in line with the group’s vision to enhance resilience and adaptation as well as food security across Africa, stressing that “in cooperation with the International Finance Corporation, we will pave the way towards a sustainable and prosperous future.”
For his part, Mokhtar Diop, Managing Director of the International Finance Corporation, considered that “this innovative project carried out by the OCP Group shows how companies can develop solutions to address complex development challenges.”
“By supporting the construction of the pipeline, IFC will enable OCP Group to meet its water needs, provide vital water resources to local populations and support the production of high value-added crops, contributing to a more resilient and food secure future in Africa,” Diop highlighted.
The statement indicated that the pipeline is part of the OCP Group’s water program, which is being implemented by the group’s specialized branch “OCP Green Water”, which aims to provide the group with 100 percent non-traditional water by the end of 2024.
By 2027, with a total investment of US$611 million, OCP Group aims to produce 560 million cubic meters per year of desalinated water and 60 million cubic meters per year of treated water.
In addition to new technologies, which will contribute to reducing the group’s water needs, this will ensure that the water needs of its industrial operations are met, and also provide surplus supplies for the benefit of the local population, thus enhancing its ability to adapt to climate change.
This project, which supports Morocco’s sustainable development priorities, is closely aligned with the World Bank Group’s strategy in Morocco, which places particular emphasis on climate issues.
By 2030, the pipeline is expected to be supplied exclusively by renewable sources, which will contribute to improving access to sustainable water resources and enhancing resilience to climate shocks.
Since 2021, IFC and OCP Group have been collaborating to develop sustainable food systems in Africa, build solar power plants, green fertilizer production units, and promote gender equality.
IFC has been operating in Morocco for more than 60 years. Over the past three years, the institution has committed more than US$1 billion to support sustainable economic development.
#OCP #borrows #million #euros #address #water #shortages #Morocco
2024-09-15 23:01:07
– How will the €100 million loan from IFC to OCP Group help reduce water scarcity in Morocco?
Table of Contents
Title: Agadir24: IFC Extends €100 Million Loan to OCP Group to Tackle Water Scarcity in Morocco and Food Insecurity in Africa
Meta Description: The International Finance Corporation (IFC) has announced a €100 million loan to the Office Chérifien des Phosphates (OCP) group to address water shortages in Morocco and food insecurity in Africa through a sustainable water supply project.
Keywords: Agadir24, IFC, OCP Group, Water Scarcity, Food Insecurity, Morocco, Africa, Sustainable Development, Climate Change, Desalination Plants, Water Pipeline, Agriculture.
Introduction:
The International Finance Corporation (IFC), a member of the World Bank Group, has taken a significant step towards addressing water scarcity in Morocco and food insecurity in Africa. On Friday, the IFC announced a €100 million loan to the Office Chérifien des Phosphates (OCP) group, a global leader in plant nutrition and phosphate fertilizer solutions, to finance a project aimed at providing sustainable water supplies for fertilizer production and benefiting farmers and families in Morocco.
The Project:
The loan will support the construction of a 219-kilometer water pipeline and a pumping station to transport desalinated water from the existing and planned desalination plants of the OCP Group in Jorf Lasfar on the Atlantic Ocean to the Group’s production sites in Khouribga. The project, which has reached advanced stages, will provide the OCP Group with a sustainable and reliable source of water, in addition to providing water to farmers, companies, and consumers in the city of Khouribga and its suburbs.
Benefits:
The total annual capacity of the pipeline is expected to reach 80 million cubic meters upon completion, making it a significant contributor to addressing water scarcity in Morocco. The project will not only ensure the continued growth of the OCP Group’s activities but also provide essential resources for the local population. Furthermore, the initiative is fully in line with the group’s vision to enhance resilience and adaptation as well as food security across Africa.
Quotes:
“This project reflects the OCP Group’s commitment to sustainable development and innovation,” said Mostafa Terrab, CEO of the OCP Group. “By securing reliable sources of desalinated water, we will not only be able to ensure the continued growth of our activities, but we will also provide essential resources for the local population.”
“This innovative project carried out by the OCP Group shows how companies can develop solutions to address complex development challenges,” said Mokhtar Diop, Managing Director of the International Finance Corporation. “By supporting the construction of the pipeline, IFC will enable OCP Group to meet its water needs, provide vital water resources to local populations and support the production of high-value-added crops, contributing to a more resilient and food secure future in Africa.”
OCP Group’s Water Program:
The pipeline is part of the OCP Group’s water program, which aims to provide the group with 100% non-traditional water by the end of 2024. By 2027, with a total investment of US$611 million, the OCP Group aims to produce 560 million cubic meters per year of desalinated water and 60 million cubic meters per year of treated water. This will not only ensure that the water needs of its industrial operations are met but also provide surplus supplies for the benefit of the local population, thus enhancing its ability to adapt to climate change.
Alignment with World Bank Group’s Strategy:
This project supports Morocco’s sustainable development priorities and is closely aligned with the World Bank Group’s strategy in Morocco, which places particular emphasis on climate issues. By 2030, the pipeline is expected to be supplied with desalinated water, making it a significant contributor to addressing water scarcity in Morocco and food insecurity in Africa.
Conclusion:
The €100 million loan from the IFC to the OCP Group marks a significant step towards addressing water scarcity in Morocco and food insecurity in Africa. The project’s focus on sustainable water supplies and desalination will not only benefit the OCP Group but also contribute to the overall development of Morocco and Africa. This initiative is a testament to the power of partnerships between international organizations, governments, and private companies in addressing complex development challenges.
– How will the €100 million loan from IFC to OCP Group impact water shortages in Morocco?
Agadir24: IFC’s €100 Million Loan to OCP Group to Address Water Shortages in Morocco and Food Insecurity in Africa
The International Finance Corporation (IFC), a member of the World Bank Group, has announced a significant €100 million loan to the Office Chérifien des Phosphates (OCP) group to finance a project aimed at addressing water shortages in Morocco and food insecurity in Africa. This loan will support the construction of a 219-kilometer water pipeline and a pumping station to transport desalinated water from the existing and planned desalination plants of the OCP Group in Jorf Lasfar on the Atlantic Ocean, to the Group’s production sites in Khouribga.
Reducing Water Scarcity in Morocco
The total annual capacity of the pipeline, whose construction work has reached advanced stages, will reach 80 million cubic meters upon completion. This project will provide the OCP Group with a sustainable and reliable source of water, in addition to providing water to farmers, companies, and consumers in the city of Khouribga and its suburbs. This will significantly reduce water scarcity in Morocco, which has been a major concern for the country in recent years.
Benefits of the Project
The project will have numerous benefits, including:
Sustainable Water Supply: The project will provide a reliable source of water for the OCP Group’s production sites, ensuring the continuity of fertilizer production and supporting the growth of the agriculture sector.
Food Security: By providing water to farmers, companies, and consumers, the project will contribute to food security in Morocco and Africa, supporting the production of high-value crops and enhancing the resilience of the agriculture sector to climate change.
Local Economic Growth: The project will generate economic benefits for the local communities, creating jobs and stimulating economic growth in the region.
Climate Resilience: The project will contribute to reducing the country’s reliance on traditional water sources, which are vulnerable to climate change, and will help Morocco adapt to the impacts of climate change.
OCP Group’s Commitment to Sustainable Development
The OCP Group’s CEO, Mostafa Terrab, emphasized that “this project reflects the OCP Group’s commitment to sustainable development and innovation.” He noted that “by securing reliable sources of desalinated water, we will not only be able to ensure the continued growth of our activities, but we will also provide essential resources for the local population.”
IFC’s Support for Sustainable Development
The IFC’s Managing Director, Mokhtar Diop, highlighted that “this innovative project carried out by the OCP Group shows how companies can develop solutions to address complex development challenges.” He added that “by supporting the construction of the pipeline, IFC will enable OCP Group to meet its water needs, provide vital water resources to local populations and support the production of high-value-added crops, contributing to a more resilient and food secure future in Africa.”
OCP Group’s Water Program
The pipeline is part of the OCP Group’s water program, which is being implemented by the group’s specialized branch “OCP Green Water”. The program aims to provide the group with 100 percent non-traditional water by the end of 2024. By 2027, with a total investment of US$611 million, OCP Group aims to produce 560 million cubic meters per year of desalinated water and 60 million cubic meters per year of treated water.
Long-term Benefits
The project is expected to have long-term benefits, including the supply of renewable energy sources by 2030, which will contribute to improving access to sustainable water resources and enhancing resilience to climate shocks.
Conclusion
The €100 million loan from IFC to OCP Group is a significant step towards addressing water shortages in Morocco and food insecurity in Africa. The project will provide a sustainable and reliable source of water, supporting the growth of the agriculture sector, contributing to food security, and enhancing the resilience of local communities to climate change.
