Morocco's OCP signs €130m loan agreement with the EIB

11 October 2012 09:59  [Source: ICIS news]

LONDON (ICIS)--Moroccan fertilizer producer Office Cherifien des Phosphates (OCP) will receive a €130m ($167m) loan from the European Investment Bank (EIB) to finance the upgrade of production facilities, the EIB announced late Wednesday.

The huge loan will finance the construction of two low-grade phosphate processing and enrichment plants in Khouribga, Morocco, as well as two modern sulphuric acid production plants in Safi that will replace existing facilities.

In late December 2011, OCP and Luxembourg-based EIB signed a €200m loan agreement as the company invests heavily in new infrastructure and plants as part of a group-wide modernisation project.

($1 = €0.78)

By: Richard Ewing
+44 208 652 3214

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