OCP PG

pending

OCP S.A. (“OCP”, the “Company”, together with its subsidiaries, the “Group”), a Moroccan state-owned enterprise (“SOE”), is an existing IFC client. OCP is (one of the biggest producers and largest exporter of phosphate rock, phosphoric acid and phosphate based fertilizers worldwide.OCP generates phosphogypsum (“PG”) as a by-product in the production with a total PG production of 32 million tonnes/year at its Jorf Lasfar facility. The proposed investment is EUR95 million senior loan to OCP to support development of a wet storage facility to OCP’s Jorf Lasfar facility in the Commune of Moulay Abdellah within the province of El Jadida and the Casablanca-Settat region in Morocco. The PG storage facility occupies a 115-ha plot of land and has a storage capacity of up to 22 million tons (MT) PG (the “Project”). The project is the first significant milestone in OCP’s PG storage and valorization (i.e. recycling/reuse/recovery) program. It will enable OCP to progressively phase out the marine disposal of PG and adopt a more sustainable management approach for this by-product. IFC is also supporting OCP through an advisory engagement to develop the business case for valorization options, including sulfur recovery and green clinker production.This proposed storage (“PG storage”) is Phase-1 of the storage project and will have two sections:o Borrow Area (20 ha): Capacity 1 MT; Final stacking height of 10mo Main Storage Area (115 ha): Capacity 22 MT; Final stacking height of 60 mInitially, PG is transported by truck and stored in the Borrow Area. In the Main Storage Area, PG (7 MT/year) will be transported from certain areas of the Jorf Lasfar facility in slurry form through pipelines. All storage cells will be lined with geoliners (to prevent any soil or groundwater contamination) and will have a drainage system at the bottom to collect any leachate. The collected leachate will be reused.OCP has started storage in the Borrow Area since September 2024. The early works and civil works for the Main Storage Area, consisting of two storage cells, were started in July 2025 and construction is expected to be completed by April 2027. Storage in the first storage cell of the Main Storage Area is expected to commence in October 2026.OCP has hired a Moroccan company as General Contractor for the construction works. The company has also appointed a recognized engineering and environmental services consultancy, to act as the Owner’s Engineer and Project Management Consultant (the Project Consultant) for the development, construction, and commissioning phases. The project consultant will also be hired for the operation phase.OCP is an existing IFC client with a satisfactory E&S performance (Project# 43582 disclosed in May 2021, Project# 46531 disclosed in Dec 2022, Project# 48626 disclosed in Sep 2023, Project#49203 disclosed in May 2024). Environmental and Social Review summary (“'ESRS”) of previous OCP investments are available at: https://disclosures.ifc.org/project-detail/ESRS/43582/ocp-africa-cf, https://disclosures.ifc.org/project-detail/ESRS/46531/ocp-solar-1, https://disclosures.ifc.org/project-detail/ESRS/48626/ocp-solar-2, and https://disclosures.ifc.org/project-detail/ESRS/49203/ocp-green-water.