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The European Investment Bank (EIB) on Thursday loaned Morocco’s phosphate producer, office chérifien des phosphates (OCP), 200 million euros without demanding guarantees from the state.
The loan agreement was signed in Paris by the OCP’s CEO Mustapha Terrab and first Vice President of the EIB Philippe de Fontaine Vive, who expressed confidence in the OCP.
The EIB did not demand any guarantees from Morocco before granting the loan because the OCP has the bank’s confidence, De Fontaine Vive said in the signing ceremony.
The OCP is a world leader in terms of phosphate production, he added, highlighting the remarkable performance achieved by Morocco’s phosphate producer in a delicate international economic and financial context.