ROME (ITALPRESS) – SACE, the Italian insurance and finance group specialized in supporting businesses and the national economic fabric—and directly controlled by the Ministry of Economy and Finance—has signed an agreement for a €365 million loan provided by BNP Paribas and Crédit Agricole Corporate and Investment Bank (CACIB), destined for Morocco’s OCP, Office Chérifien des Phosphates. OCP is a global leader in phosphate and phosphoric acid production and the third-largest player in the global fertilizer market.
OCP is the world’s leading phosphate exporter, and Morocco holds around 70% of known global phosphate reserves. This presents a significant opportunity for Italian companies connected to the sectors involved in the foreign buyer’s projects. The loan, backed by SACE’s Push Strategy guarantee, aims to support export opportunities for Italian businesses in strategic sectors for the Mattei Plan in Africa—such as green technologies, as well as mechanical and hydraulic components.
SACE’s Push Strategy gives Italian companies a passport to international markets by guaranteeing loans to foreign counterparts that commit to increasing purchases of goods and services from Italy. A key component of the strategy is Business Matching, organized in collaboration with major national system players, which facilitates targeted meetings between Italian firms and foreign counterparts, fostering new business connections.
The OCP Group provides essential elements for soil fertility and plant growth. With over a century of experience and revenues exceeding $9 billion in 2024, OCP is a global leader in plant nutrition solutions and phosphate-based fertilizers. Headquartered in Morocco and active on five continents, OCP employs over 17,000 people and works with more than 350 customers worldwide. Recently, the group launched a green investment strategy focused on increasing fertilizer production and investing in renewable energy.
The strategy includes total investments of around $13 billion from 2023 to 2027, enabling the group to use 100% non-conventional water by early 2025, 100% clean energy by 2027, and to achieve full carbon neutrality by 2040, while also increasing the production of green fertilizers.
“This agreement between SACE and OCP marks a significant step in strengthening ties between Italian industrial excellence and one of Morocco’s key economic players,” said Armando Barucco, Italian Ambassador to Morocco. “This strategic partnership not only fosters deeper economic cooperation but also creates new business opportunities for Italian companies across various sectors, reinforcing a solid foundation for bilateral trade and investment.”
“This initiative reaffirms our commitment to promoting Made in Italy and supporting Italian companies in key sectors like infrastructure, renewable energy, and machinery,” said Michal Ron, Chief International Officer at SACE. “It also strengthens our trade relations with Africa in line with the Mattei Plan. The Push Strategy proves to be a crucial tool for creating new export opportunities for Italian SMEs and deepening relationships with major international buyers.”
“This significant green financing agreement with SACE is concrete proof of OCP Group’s ongoing commitment to sustainability and innovation,” said Karim Lotfi Senhadji, Chief Financial Officer at OCP. “Through this credit line, we accelerate our transition toward 100% clean energy and the use of non-conventional water, enhancing our leadership in sustainable plant nutrition solutions. This partnership strengthens not only our financial strategy but also fosters deeper collaboration and opens new opportunities for sustainable growth in both Morocco and Italy.”
“This strategically important deal with OCP, in partnership with SACE,” said Abdelmajid Fassi Fihri, Head of CIB Africa at BNP Paribas and CEO of BNP Paribas’s Regional Office at Casablanca Finance City, “was a great opportunity to leverage the expertise of our Corporate and Institutional Banking teams in Casablanca, Milan, and Paris, to deliver a cutting-edge cross-border structured financing in support of Morocco’s ambitious sustainability trajectory.”
“OCP entrusted us with structuring this loan to support their capital investment plans, reaffirming the strong ties built over time between OCP and Crédit Agricole CIB,” explained André Gazal, Global Head of ECA & Multilateral Financing Solutions at Crédit Agricole CIB. “The loan has been certified as a Green Loan, highlighting OCP’s commitment to sustainable development. The use of SACE’s Push Programme allows innovative borrowers to access new long-term financing sources. A win-win deal for Morocco and Italy, and a model for solid African borrowers to follow.”
-Photo Sace-
(ITALPRESS).
