German bank grants $27m loan to Morocco OCP

The German development bank KfW signed on Friday in Casablanca a loan agreement of 271 million U.S. dollars with Morocco's state-run phosphate monopoly OCP, a statement of OCP said. The loan is intended to support the company's water strategy aiming at preserving water resources, the statement added. Morocco, the third largest producer of phosphates, holds more than 70 percent of global reserves and is the top exporter of the mineral used in agriculture and industry. It's annual production of treated phosphate was 30 million tons in 2012. OCP's water program aims to build two water desalination plants at Jorf Lasfar and Safi, recycling waste water stations at Khouribga, and to develop distribution systems in Youssoufia and Benguerir, where the company has its biggest mines. "The maturity of the loan is fixed to 11 years with 3 years delay and conveys international financial institutions' trust in OCP's expansion and growth strategy," the statement said.