OCP Bond Issuances Power Morocco’s Fertilizer Expansion

Morocco’s state-owned phosphate giant OCP Group has secured billions of dollars in international financing through a series of bond issuances, reinforcing investor confidence in one of the world’s most strategically important fertilizer producers.

The financing rounds highlight the growing role of African resource champions in global capital markets, particularly in sectors tied to food security and agricultural productivity.

In 2024, OCP successfully issued US$2 billion in international bonds, followed by another US$1.75 billion dual-tranche bond offering in April 2025. Market demand for the 2025 issuance proved exceptionally strong, with the order book reportedly oversubscribed more than four times, signalling robust investor appetite for exposure to the fertilizer sector and to Morocco’s macroeconomic stability.

The strong reception reflects OCP’s strategic position in global agricultural supply chains. As fertilizer demand continues to grow alongside population expansion and food security concerns, the company has increasingly positioned itself as a key supplier to both developed and emerging markets.

Financing a major fertiliser expansion

Proceeds from the bond issuances will support OCP’s ambitious industrial expansion strategy. The group aims to increase its fertilizer production capacity from roughly 12 million tonnes to around 20 million tonnes by 2027.

This growth plan forms part of OCP’s US$13 billion investment programme, which includes both capacity expansion and sustainability initiatives.

Key elements of the programme include the development of a new phosphate mine in Meskala and the construction of a fertilizer production complex in Mzinda. These projects are intended to strengthen Morocco’s position as a global hub for phosphate processing and fertilizer manufacturing.

Alongside bond financing, OCP has also secured several international funding partnerships. These include a €365 million green financing facility backed by Italy’s export credit agency SACE and a €350 million financing agreement with France’s development agency AFD, supporting projects linked to renewable energy, water efficiency and green ammonia production.

A strategic player in global food security

OCP holds a unique position in the global fertilizer industry. Morocco is estimated to possess over 70 percent of the world’s known phosphate rock reserves, giving the country — and OCP in particular — enormous strategic leverage in global agricultural supply chains.

The company has transformed significantly over the past two decades. Under the leadership of Chairman and CEO Mostafa Terrab, who has led the group since 2006, OCP has evolved from a traditional state mining entity into a globally integrated fertilizer and plant nutrition company.

Financial performance reflects this transformation. OCP generated approximately US$9.76 billion in revenue in 2024, while the first half of 2025 recorded revenues of about US$5.45 billion, supported by strong demand across global fertilizer markets.

Phosphate rock revenues rose sharply in recent reporting periods, while fertilizer sales have continued to expand across Africa, Europe and emerging agricultural markets.

Morocco strengthens its role in global agricultural supply chains

The successful bond issuances underline Morocco’s ability to attract large-scale international capital for strategic industries. They also highlight the increasing importance of fertilizers in the geopolitics of food security.

As agricultural systems face mounting pressure from climate change, population growth and geopolitical disruption, fertilizers remain essential to sustaining crop productivity.

By expanding its production capacity while investing in greener technologies, OCP is positioning itself to play a central role in meeting the world’s future food needs.

For Morocco, the financing success reinforces the country’s ambition to strengthen its industrial base and consolidate its position as one of Africa’s most globally integrated resource economies.

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