In a landmark move linking European financial support with Africa’s green transition, Morocco’s OCP Group has secured €365 million in green financing from Italy’s SACE Group. The deal highlights the increasing global importance of sustainable agriculture and climate resilience.

Morocco’s state-owned OCP Group, a world leader in phosphate-based fertilizers and plant nutrition, has signed a strategic €365 million green financing agreement with Italy’s SACE Group, underlining a shared vision for a sustainable, carbon-neutral future. 

This is the first agreement of its kind under OCP’s Green Finance Framework and the first SACE Push Strategy-backed project in Morocco, marking a significant milestone in international green finance collaboration.

The financing is part of OCP’s ambitious $13 billion green investment program running from 2023 to 2027. It aims to achieve 100% reliance on non-conventional water by 2025, largely through an expansive desalination program reaching a capacity of 560 million cubic meters annually by 2027. It also targets 100% clean energy usage by 2027 and full carbon neutrality by 2040.

More than just funding, the agreement opens the door to cross-border industrial cooperation. Italian firms stand to benefit from new business prospects through SACE’s business matching initiatives, particularly in sectors like renewable energy, industrial equipment, and water management technologies.

“The agreement between SACE and OCP represents a significant step in strengthening ties between Italy’s industrial excellence and one of Morocco’s leading economic players,” said Armando Barucco, Italy’s Ambassador to Morocco. “It also creates new business opportunities for Italian companies across multiple sectors, reinforcing a strong foundation for bilateral trade and investment.”

SACE’s Chief International Officer, Michal Ron, noted the alignment with Italy’s broader “Mattei Plan” for Africa, emphasizing that this green facility not only supports Italian exports but also reinforces Italy’s commercial presence across the African continent.

For OCP Group, the agreement is not only a boost to its financial strategy but also a catalyst for deeper global collaboration in the sustainability space. “This landmark green financing agreement with SACE is a testament to OCP Group’s unwavering commitment to sustainability and innovation,” said Karim Lotfi Senhadji, OCP’s Chief Financial Officer. 

The agreement represents a pioneering model of climate finance that blends environmental ambition with industrial opportunity, an approach likely to set the tone for future partnerships in the global green economy.