OCP and SACE forge €365 million green financing partnership

Wednesday 28 May 2025 - 08:50

By: Dakir Madiha

OCP and SACE forge €365 million green financing partnership

OCP Group has officially announced a groundbreaking €365 million financing agreement with Italy’s export credit agency, SACE. This notable arrangement marks the first of its kind under OCP’s Green Finance Framework and represents a pioneering collaboration guaranteed by SACE’s Push Strategy in Morocco.

In a recent statement, the Moroccan fertilizer giant emphasized that this strategic partnership underscores OCP’s unwavering commitment to sustainability and innovation in plant nutrition solutions. The agreement is hailed as a "historic dual first," reflecting the significance of this milestone in enhancing sustainable practices within the industry.

The financing facility will be supported by comprehensive insurance coverage under SACE’s Push Strategy, arranged in collaboration with BNP Paribas and Crédit Agricole Corporate and Investment Bank. This initiative allows Italian companies to access international markets, providing financing to foreign entities poised to procure goods and services from Italy.

The agreement aligns seamlessly with OCP’s ambitious $13 billion Green Investment program, which spans the years 2023 to 2027. This extensive program aims to facilitate the use of non-conventional water resources, including a planned desalination capacity of 560 million cubic meters per year by 2027. Moreover, OCP aspires to achieve complete water autonomy and 100% clean energy by the same year, alongside a vision for full carbon neutrality by 2040 and increased production of green fertilizers.

Armando Bucacco, the Italian ambassador to Morocco, highlighted the strategic importance of this agreement. He remarked that it signifies a substantial step towards strengthening ties between Italy’s industrial prowess and one of Morocco’s leading economic entities. Bucacco stated, “This strategic partnership not only fosters collaboration across multiple sectors but also reinforces a robust foundation for bilateral trade and investment.”

Karim Lotfi Senhadji, Chief Financial Officer at OCP, echoed these sentiments, noting that the agreement with SACE reflects OCP’s dedication to sustainability and innovation. He remarked, “By securing this facility, we are accelerating our transition towards 100% clean energy and 100% non-conventional water, reinforcing our leadership in sustainable plant nutrition solutions.”

SACE’s Chief International Officer, Michal Ron, expressed enthusiasm regarding the partnership, asserting that it highlights the agency’s commitment to promoting "made in Italy" while supporting Italian enterprises in critical sectors such as infrastructure, renewable energy, and industrial machinery. He added that this agreement also fortifies commercial ties with Africa in line with the Mattei Plan.

Abdelmadjid Fassi Fihri, head of CIB Africa at BNP Paribas, emphasized the opportunity presented by this landmark transaction with OCP. He noted it allows for the leveraging of expertise from corporate and institutional banking teams across Casablanca, Milan, and Paris to support the kingdom's ambitious sustainable trajectory.

Similarly, André Gazal, Global Head of ECA & Multilateral Financing Solutions at Crédit Agricole CIB, expressed pride in structuring this financing for OCP. He concluded that this partnership exemplifies the strong ties developed between OCP and Crédit Agricole CIB over the years.