OCP Group obtains MIGA’support for the opening of a new cutting-edge UM6P’s campus in RabatDownload PDF - 171.05KB
MIGA (Multilateral Investment Guarantee Agency) has issued a guarantee to Credit Agricole Corporate and Investment Bank of France and BNP Paribas of France to cover loans of up to EUR 570 million to OCP Group, the world’s leader in the phosphate fertilizer market.
The guarantee extends for a period of up to 10 years and covers against the risk of Non-Honoring of Sovereign Financial Obligations of a State-Owned Enterprise. OCP Group will use the funds to finance the construction of a new university campus for the Mohammed VI Polytechnic University (UM6P) near Morocco’s capital city of Rabat which first phase was launched in October 2021. Two new phases will be completed by 2024.
This operation is a first in the education sector in Morocco and Africa. It confirms UM6P’s robust and sound financial strategy. It is also a testament to the Group’s approach of the knowledge economy and one of many elements that confirm OCP’s credibility in the ESG landscape. The new campus will offer high quality education to 2,000 students in the fields of economics, governance, political sciences, international relations, behavioral and social sciences, hospitality business and management. In addition, the campus will house a new faculty of governance and include Morocco’s first school and business incubator for artificial intelligence. The facility will also have multisport centers, digital learning laboratories, a language center, a library, and hotels to host university guests and train students in the School of Hospitality Business and Management.
UM6P is at the core of OCP’s innovation, sustainability, strategy, and transformation strategy over the past 15 years. Founded in 2017 with a first campus in Benguerir, near Marrakesh, UM6P provides more than 80 percent of OCP’s research and development activities in strategic areas such as fertilizers, industrial facilities, clean energy and sustainable water management. In addition, the university also contributes in developing training programs with OCP’s Learning Institute to enable OCP’s human capital achieve its full potential.
“We are very grateful for MIGA’s vote of confidence in our plan to grow UM6P’s reach and educational capacity for the long-term returns it delivers. MIGA’s support in developing our new campus facilities in Rabat will allow us to increase skills, innovation and development in important fields that the current campus does not offer. UM6P’s mission is to consolidate Morocco’s frontline position in these fields, in a partnership-based approach to boosting skills training that are relevant for the future of Africa. OCP Group has grown to become a major player in plant nutrition, and remains convinced that education and R&D are key levers for both the future of food security and community development. This is an exciting development not just for Moroccan students, but for young people across Africa.” said Hicham El Habti, President of UM6P
“MIGA is proud to be part of this project where its guarantee is unlocking financing from international lenders at competitive terms to fund the development of cutting-edge facilities in the country,” added Hiroshi Matano MIGA Executive Vice President. “Furthermore, the expansion of UM6P’s R&D facilities will boost Morocco’s competitiveness and contribute to the training of current and future human capital that will benefit the country.”
With MIGA’s support, OCP Group has committed to pursue its progress towards green building certifications through the U.S. Green Building Council’s LEED certification program for many of its campus facilities in Rabat, in line with its commitment to the “Smart City” spirit of UM6P’s campus in Benguerir, which was the first project to receive this certification in Morocco. Moreover, UM6P will secure third-party verification and will be monitored by a LEED accredited professional. The new campus will include facilities and auxiliary work, with the most important two being the addition of hydraulic structures to protect the campus against the risk of flooding and the burial of a 60 Kv electrical line along with the rehabilitation of an associated substation.
OCP Group is a long-term partner of the World Bank Group. In June 2021, the International Finance Corporation (IFC), a World Bank Group member, and OCP signed a $100M financing agreement to expand OCP Africa’s logistics networks and increase the availability of fertilizers, adapted to local soils and crops, in Cote d’Ivoire, Ethiopia, Ghana, Kenya, Nigeria, Senegal, and Tanzania. IFC also helped OCP obtain the leading global business certification for gender equality - EDGE (Economic Dividends for Gender Equality) - which was announced in March of this year
About OCP Group:
About OCP Group: The OCP Group helps feed a growing world population by providing it with essential elements for soil fertility and plant growth. With a century of expertise and a turnover of 9.4 billion dollars in 2021, the OCP Group is the world leader in the plant nutrition and phosphate fertilizers market. The Group offers a wide range of specialty phosphate fertilizers, adapted to enrich the soil, increase agricultural yields and nourish the soil to feed the planet economically and sustainably. Based in Morocco, and present on 5 continents, the OCP Group works closely with more than 350 clients around the world. Committed to best serving the environmental and social development of Africa, the OCP Group places innovation at the heart of its strategy, in particular for the establishment of sustainable and prosperous agriculture on the continent. The Group is firmly convinced that leadership and profitability go hand in hand with social responsibility and sustainable development. Its strategic vision is at the intersection of those two dimensions.
Learn more: www.ocpgroup.ma
About Mohammed VI Polytechnic University (UM6P):
The Mohammed VI Polytechnic University is a hub of education, research, innovation and entrepreneurship, aspiring to become a solid bridge of knowledge between Morocco, Africa and the world. Located in the “Mohammed VI Green City” in Benguerir, near Marrakech, with branches in Rabat and Laayoune, UM6P applies a “learning by doing” approach and develops sound partnerships with worldwide class universities, to promote leadership and training in focused research areas. By contributing to the training of a new generation of researchers, entrepreneurs and leaders, UM6P is committed to positioning Morocco and Africa at the forefront of technology and human Sciences.
Learn more: www.um6p.ma
About Multilateral Investment Guarantee Agency (MIGA):
MIGA was created in 1988 as a member of the World Bank Group to promote foreign direct investment in emerging economies by helping mitigate the risks of restrictions on currency conversion and transfer, breach of contract by governments, expropriation, and war & civil disturbance; and offering credit enhancement to private investors and lenders. Since its creation, MIGA has issued over $65 billion in guarantees across 120 developing countries.
For more information, please visit: www.miga.org
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