- Posted March 10, 2014 by
Morocco to Fertilize the African Economy?
Mostafa Terrab, CEO of the OCP (L’Office des Phosphates Chérifiens), believes that there is a paradox that Africa, which presently has more than 80% of the world’s reserves of phosphates, exports this primary resource to other regions for the production of fertilizers.
Morocco will finance the construction of a new phosphate production unit to produce a million tons of phosphate in the African market according to Mostafa Terrab. This decision took place on Wednesday in Bamako during a meeting of Moroccan and Malian businessmen and ministers.
This production unit is already in construction at Jorf Lasfar, an industrial site in El Jadida, on the Atlantic Coast, 100 km south of Casablanca. This production unit will produce a million tons of fertilizer per year reserved solely for African countries.
Despite the drop in prices, Rabat foresees investing more than 10 billion euros in the upcoming years in order to reach a production of 50 million tons annually.