IFC and OCP Group, the world’s largest phosphate-based fertilizer producer, have launched an agri-finance platform with the goal of mobilising $800 million in blended capital by 2030. This platform aims to foster the development of sustainable food production and distribution systems in Africa, emphasising skills development, job creation, and food security.
Why it matters
Agriculture plays a crucial role in Africa’s economy, contributing around 20 percent of the continent’s GDP and employing over 60 percent of its population. However, the continent heavily relies on food imports, making it vulnerable to external shocks. The platform seeks to address this issue by investing strategically to enhance the sector’s growth and strengthen food security across Africa. The platform plans to build and support sustainable food systems by providing financial access and skills training. It envisions strengthening 30 agricultural value chains across Africa through 60 agri-finance operations, covering various crop types and tackling obstacles hindering the sector’s growth and resilience. Each investment made through the platform will be assessed based on its social, economic, and environmental impact. This approach ensures a commitment to sustainability and development beyond just financial support.
Go deeper
IFC and OCP Group’s collaborative effort seeks to mobilise $800 million by 2030. This significant financial commitment is directed toward building and enhancing sustainable food production and distribution systems across Africa. The platform’s core strategy involves strengthening 30 agricultural value chains in Africa. These chains encompass diverse crop types and address issues inhibiting the sector’s growth and resilience. By providing access to finance and skills training, the platform contributes to increased food security and job creation. It recognizes the vital role agriculture plays in Africa’s economy and aims to reduce the continent’s dependence on food imports.
The platform has already joined forces with the Bank of Africa to improve access to fertilisers and other essential inputs for African farmers and agro-processors. Additionally, it is working on projects to support cashew and rice value chains in Côte d’Ivoire and is actively designing new projects in countries like Cameroon and Gabon. The platform leverages the expertise of INNOVX, a multi-sectoral venture platform launched by Mohammed VI Polytechnic University (UM6P), and the extensive knowledge of OCP Africa, a subsidiary dedicated to the African continent within the OCP Group.