Morocco's OCP gets $338m loan from German bank Rabat

RABAT (Reuters) - Morocco's state-run phosphate monopoly OCP has obtained a US$271 million (S$338 million) loan from the German state-owned development bank KfW to support the company's water strategy, a statement from the company said on Friday.

OCP's water program aims to build two water desalination plants at Jorf Lasfar and Safi, recycling waste water stations at Khouribga, and to develop water adduction and distribution systems in Youssoufia and Benguerir, where the company has its biggest mines.

"The maturity of the loan is fixed to 11 years with 3 years delay and conveys international financial institutions' trust in OCP's expansion and growth strategy," the statement said.

The loan is a part of the company's global financing as it is involved in heavy investment plan, to improve its infrastructure and boost its output.

OCP, which controls a third of the international market for phosphate, is considering raising at least US$600 million in a foreign bond issue.