MOROCCO: AfDB, CTF and Canada lend OCP $188 million for its green policy
The African Development Bank (AfDB), the World Bank Group's Clean Technology Fund (CTF) and the Climate Fund Canada (C2F) are providing $188 million to enable the Office chérifien des phosphates (OCP) to move ahead with its green investments in seawater desalination and energy transition.
Office chérifien des phosphates (OCP) needs $13 billion to implement its 2023-2027 Green Investment Program. The world’s largest exporter (ahead of China) of phosphate fertilizers has just secured loans worth a total of $188 million from three partner institutions.
These are the African Development Bank (AfDB), the World Bank via its Clean Technology Fund (CTF) and the Canada Climate Fund (C2F). The $150 million in support from the AfDB complements the $18 million announced in November 2023 by the C2F. These funds will be used specifically for the construction of three modular seawater desalination plants.
These plants will have a total annual capacity of 110 million m3, including 75 million m3 to supply water to 1.5 million inhabitants in the cities of Safi and El Jadida, and 35 million m3 to ensure the autonomous water supply of the Moroccan group’s local plants. Future desalination plants will be powered by renewable energies and will therefore require electricity storage systems. This is what the $20 million from the CTF will be used for.
This contribution is essential if we are to achieve 100% non-conventional water by 2024, 100% clean energy by 2027, self-sufficiency in green ammonia by 2032 and total carbon neutrality by 2040. It will also strengthen our commitments to climate change and women’s empowerment,” explains OCP CFO Karim Lotfi Senhadji.
Cover photo: By AFRIK21
