OCP Group, TDB, and MIGA seeking to improve food security in Africa
Morocco’s OCP Group, the Eastern and Southern African Trade and Development Bank (TDB), and the Multilateral Investment Guarantee Agency (MIGA) have signaled their intention to work together to tackle food-security challenges in Africa.
According to OCP, the three organizations recently signed a Memorandum of Understanding (MoU) declaring their willingness to institute trade-finance arrangements that will facilitate the importation of strategic commodities – including fertilizers – into African countries.
OCP said that the partnership, which will be underpinned by MIGA’s risk-mitigation instruments, will seek to improve food security on the continent, protect farmers’ livelihoods, ensure access to international markets, enhance productivity, and increase foreign exchange reserves through the facilitation of commercial crop exports.
OCP noted that it has a long-standing relationship with TDB, as a result of which, over the past six years, $2bn worth of Moroccan fertilizer exports have flowed into the TDB region.