Post by Trade Forum on Jun 29, 2021 20:01:58 GMT 1
IFC backs OCP with $100m to improve food supply in Nigeria, others
The International Finance Corporation (IFC) is supporting OCP, an international phosphate mining and leading global fertilizer group to improve food supply in Nigeria and others countries as part of efforts towards achieving sustainable food systems. IFC signed a milestone financing agreement with OCP.
IFC — a member of the World Bank Group and the largest global development institution focused on the private sector in emerging markets.
IFC’s $100 million financing will help OCP Africa, a subsidiary of OCP, expand its logistics networks and increase the availability of fertiliser, adapted to local soils and crops, in Cote d’Ivoire, Ethiopia, Ghana, Kenya, Nigeria, Senegal, and Tanzania. A statement said the funds will also be used to put in place additional farmer development programmes.
Along with this financing, OCP has also launched projects with IFC to enhance corporate governance, and promote gender equity.
“The strategic partnership between OCP Group and IFC continues to grow, and today’s agreement is a testament to the shared values and high level of trust our institutions enjoy. We are committed to enhancing sustainable and inclusive growth, while maximizing the potential of the phosphate resource. This agreement will allow us to support more crops, more farmers, more communities, more natural environments, and help feed the world. This is a new step towards our common goal of developing sustainable agriculture in Africa, helping the continent play its role towards achieving global food security,” said Chairman & Chief Executive, OCP Group, Terrab Mostafa.
“The partnership with OCP is part of IFC’s strategy to promote regional integration through the support of a Moroccan champion expanding into Sub-Saharan Africa, creating jobs and encouraging the transfer of technologies. Through our partnership, smallholder farmers will be able to access climate smart agriculture practices, increase productivity thus improving their livelihoods; and communities will be able to better withstand the impact of climate change,” said IFC’s Managing Director,Makhtar Diop.
OCP, which has 21,000 employees, is a major company in Morocco and the largest phosphate exporter in the world.
Source: thenationonlineng.net/ifc-backs-ocp-with-100m-to-improve-food-supply-in-nigeria-others/
The International Finance Corporation (IFC) is supporting OCP, an international phosphate mining and leading global fertilizer group to improve food supply in Nigeria and others countries as part of efforts towards achieving sustainable food systems. IFC signed a milestone financing agreement with OCP.
IFC — a member of the World Bank Group and the largest global development institution focused on the private sector in emerging markets.
IFC’s $100 million financing will help OCP Africa, a subsidiary of OCP, expand its logistics networks and increase the availability of fertiliser, adapted to local soils and crops, in Cote d’Ivoire, Ethiopia, Ghana, Kenya, Nigeria, Senegal, and Tanzania. A statement said the funds will also be used to put in place additional farmer development programmes.
Along with this financing, OCP has also launched projects with IFC to enhance corporate governance, and promote gender equity.
“The strategic partnership between OCP Group and IFC continues to grow, and today’s agreement is a testament to the shared values and high level of trust our institutions enjoy. We are committed to enhancing sustainable and inclusive growth, while maximizing the potential of the phosphate resource. This agreement will allow us to support more crops, more farmers, more communities, more natural environments, and help feed the world. This is a new step towards our common goal of developing sustainable agriculture in Africa, helping the continent play its role towards achieving global food security,” said Chairman & Chief Executive, OCP Group, Terrab Mostafa.
“The partnership with OCP is part of IFC’s strategy to promote regional integration through the support of a Moroccan champion expanding into Sub-Saharan Africa, creating jobs and encouraging the transfer of technologies. Through our partnership, smallholder farmers will be able to access climate smart agriculture practices, increase productivity thus improving their livelihoods; and communities will be able to better withstand the impact of climate change,” said IFC’s Managing Director,Makhtar Diop.
OCP, which has 21,000 employees, is a major company in Morocco and the largest phosphate exporter in the world.
Source: thenationonlineng.net/ifc-backs-ocp-with-100m-to-improve-food-supply-in-nigeria-others/
