The OCP Group and SACE, the Italian insurance and finance group controlled by the Ministry of Economy and Finance, announced on Tuesday the signing of a green financing of 365 million euros (M€), a first under OCP’s Green Finance Framework and the first operation guaranteed in Morocco by SACE’s Push Strategy.
This strategic partnership strengthens the OCP Group’s commitment to sustainability and innovation in plant and soil nutrition solutions, according to a joint statement from both parties.
Structured as an export credit, unassociated, this financing is supported by comprehensive insurance coverage under SACE’s “Push” strategy and was arranged by BNP Paribas and Crédit Agricole Corporate and Investment Bank (CACIB).
In accordance with the OCP Group’s Green Finance Framework, this financing will contribute to the Group’s green investment program of 13 billion dollars for the period 2023–2027, allowing for the 100% use of unconventional water by early 2025, with a desalination capacity of 560 million m³ per year by 2027, ensuring complete water autonomy.
It also involves the 100% use of clean energy by 2027, complete carbon neutrality by 2040, with Scopes 1 and 2 achieved by 2030, and Scope 3 by 2040, as well as the increase in the production of green fertilizers to support sustainable agriculture and global food security.
Beyond financing, this agreement also stimulates business opportunities between the OCP Group and Italian suppliers, thanks to the business matchmaking initiatives organized by SACE.
SACE’s “Push” strategy offers Italian companies a passport to international markets by providing financing to foreign counterparts likely to purchase Italian goods and services.
Business matchmaking, a key element of this strategy, organized in collaboration with major players in the country system, enables targeted meetings between Italian companies and foreign partners, fostering new business connections.
SACE’s Push guarantee aims to support export opportunities for Italian companies in strategic sectors of the Mattei Plan for Africa, such as green technologies, as well as mechanical and hydraulic components.
“The agreement between SACE and OCP represents a significant advancement in strengthening the ties between Italian industrial excellence and one of Morocco’s leading economic players,” said Armando Barucco, Italy’s Ambassador to Morocco, quoted in the statement.
“This strategic partnership not only fosters closer economic collaboration but also creates new opportunities for Italian companies across multiple sectors, thus consolidating a solid foundation for trade and bilateral investments,” he added.
For her part, Michal Ron, International Director of SACE, stated: “This initiative demonstrates our commitment to promoting Made in Italy and supporting Italian companies in key sectors such as infrastructure, renewable energy, and industrial machinery. It also strengthens our trade ties with Africa, in line with the Mattei Plan.”
She continued: “The Push strategy is an essential tool for opening new export opportunities for Italian SMEs and strengthening relationships with strategic international partners.”
For his part, Karim Lotfi Senhadji, Chief Financial Officer of the OCP Group, said: “This inaugural green financing with SACE reflects the OCP Group’s unwavering commitment to sustainability and innovation. By securing this facility, we accelerate our transition to 100% clean energy and 100% unconventional water, thereby reinforcing our leadership in sustainable plant nutrition solutions.”
“This partnership consolidates our financial strategy and paves the way for new opportunities for sustainable growth in Morocco and Italy,” he noted.
Regarding the Head of CIB Africa at BNP Paribas and General Director of the BNP Paribas regional office in Casablanca Finance City, Abdelmajid Fassi Fihri, he stated: “This emblematic operation with OCP, in partnership with SACE, has been an excellent opportunity to mobilize the expertise of our Corporate & Institutional Banking teams in Casablanca, Milan, and Paris to implement cutting-edge cross-border structured financing, supporting the ambitious sustainable trajectory of the Kingdom.”
For his part, André Gazal, Global Head of ECA & Multilateral Financing Solutions at Crédit Agricole CIB, said: “OCP entrusted us with structuring this financing to support its strategic investment plan, reflecting the strong ties built with Crédit Agricole CIB over the years. The loan has received the Green Loan label, highlighting OCP’s commitment to sustainable development in its operations. The use of SACE’s unassociated program allows innovative borrowers to access new long-term financing sources. A win-win agreement for Morocco and Italy, and a model to follow for strong African borrowers.”
A global leader in plant nutrition solutions and phosphate fertilizers, the OCP Group contributes to feeding a growing global population by providing the essential elements for soil fertility and plant growth.
With over a century of expertise and a revenue of more than 9 billion dollars in 2024, OCP is based in Morocco and present on five continents. It employs over 17,000 people and collaborates with more than 350 clients worldwide.
SACE is an insurance and finance group specialized in supporting the growth of Italian companies through a wide range of solutions facilitating export and innovation, including financial guarantees, factoring, risk management and protection, consulting, and business matchmaking services.
With a network of 11 offices in Italy and 13 internationally in target countries for Made in Italy, SACE supports over 60,000 companies, fostering their growth with a portfolio of insured operations and guaranteed investments of 270 billion euros in nearly 200 foreign markets.
MAP