In a testament to their growing bilateral relationship, King Mohammed VI, who is on an official visit to Ethiopia, and Ethiopian Prime Minister, HE Haile Mariam Dessalegn, presided over the launching ceremony of a project to build a world-class integrated platform for fertilizer production in Ethiopia.
The Moroccan Press Agency MAP reported that on this occasion, CEO of OCP Group, Mostafa Terrab, gave a speech before HM the King and Ethiopian Prime Minister in which he said that the project to build the integrated platform for fertilizer production will require a total investment of nearly 3.7 billion dollars.
“This industrial Megaproject will require an investment of 2.4 billion dollars in its first phase in order to produce 2.5 million tons/year of fertilizer by 2022. This will make Ethiopia self-sufficient in fertilizer, with a potential for export. An additional investment of 1.3 billion dollars is expected by 2025 to reach a total capacity of 3.8 million tons/year of fertilizer to support the growth of local demand,” he said.
This South-South partnership is part of a common vision for the development of Africa between Morocco and Ethiopia and a strong willingness to strengthen economic ties, said Terrab, noting that this project aims to take full advantage of the complementarity between the respective natural resources of the two countries.
This industrial platform, which will consist of an integrated complex of fertilizer production, industrial and storage units, is part of OCP’s future strategic development plan to meet local fertilizer needs. A plan based on the complementarity of the respective natural resources of the two countries, he noted.
According to Terrab, the industrial platform will be equipped with all necessary basic infrastructures. It will be equipped with water pumping station and water treatment plants, as well as with a power plant.
To ensure the necessary raw material needs for the fertilizer platform, a storage unit at the port of Djibouti will be developed and secured, said Terrab.
Subsequently, HM the King and the Ethiopian Prime Minister chaired the signing ceremony of the agreement on the setting-up of the world-class integrated platform for fertilizer production in Ethiopia, and of five private/private agreements.
The agreement on the setting-up of the world-class integrated platform for fertilizer production in Ethiopia was signed by OCP CEO Mostafa Terrab and Girma Amente, Ethiopian Minister of Public Enterprises.
This royal visit to Ethiopia will certainly provide a major opportunity to consolidate further the bilateral relations binding Morocco and Ethiopia and to give a new momentum to investments, both at the level of state-owned companies and at the level of the private sector. Ethiopia and Morocco are committed to beef up their economic ties through taking timely steps and measures for swift trade facilitation.
|Enjoy the article? Then please consider donating today to ensure that Eurasia Review can continue to be able to provide similar content.|