The kingdom takes over intr-African investment based on the latest report of this year’s African Economic Outlook, with Moroccan phosphate giant standing 5th among the company businesses that invest in Africa the most.
Based on this year’s report issue of the African Economic Outlook which sums up the total investments from the year 2015 to 2016, the OCP Group company has invested in 4 projects in Africa amounting to more than 4 billion dollars.
The kingdom of Morocco has already presented itself as the top investor in Africa, has more than eight billion dollars of capital funds declared from 2015 to 2016. Morocco is developing as the Africa’s investment champ, as seen in the growing capacities of local firms in the finance sector, telecom as well as manufacturing.
For more than a year, Ethiopia turned out to be the first beneficiary of the kingdom’s financing. Based on the information, it’s an outcome of the deal finalized in November last year among the government of Ethiopia and Morocco’s phosphate producer Office Cherifien des Phosphates (OCP) Group to finance more than three billion dollars in putting up a fertilizer factory.
The next biggest recipient of Morocco’s FDI is Côte d’Ivoire, receiving not less than 2.7 billion dollars in 2015 till 2016, surpassing France as the top investor. Amongst the firms operating in the Ivorian region are Morocco’s bank subsidiaries led by Akwa Group, Attijariwafa bank, and BTP.
In total, for 10 years, the finance establishments in Morocco has grown their sub-Saharan Africa footprint by means of several acquisitions throughout the region, with the presence of Morocco banks in over twenty African countries.
During the first quarter of 2016, the OCP group launched the foundation of its subsidiary OCP Africa and declared that OCP Africa will set up fifteen subsidiaries on the continent to sustain its local progress.
On a similar day in Jorf Lasfar, the office headed by Mostafa Terrab likewise launches valued to be 5.3 billion Moroccan dirhams called the Africa Fertilizer Complex meant for the African markets.
The foundation of OCP Africa sustained its presence and development in the continent and helped improved OCP’s turnover in the African market. Expanding in Africa, the Moroccan group was significantly assisted by the African Development Bank or ADB. Akinwumi Ayodeji Adesina, its bank president from Nigeria has promised to support OCP’s numerous activities to benefit the African continent.
Morocco’s return to the African Union as well as the official visits of King Mohammed VI to various countries in Africa likewise became a big part in facilitating the way for OCP Group in African market.
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