Global law firm Ashurst has advised the African Development Bank on a €530 million partially guaranteed green loan facility for OCP, the world's leading phosphate producer and one of Africa's most strategically significant in-dustrial companies. The transaction supports the acceleration of the Group's industrial transformation, and was ar-ranged by BNP Paribas and Société Générale under the umbrella of a €450 million AfDB partial credit guarantee. It represents one of the most significant green capital mobilisations in Africa to date, and underscores the growing role of development finance institutions in unlocking private sector investment for the continent's energy transition and sustainable development agenda.
OCP will apply the proceeds to eligible green investments under its 2023–2030 Industrial Investment Programme. Loan proceeds will be deployed in accordance with OCP's Green Financing Framework, which governs its alloca-tion across eligible investment categories, including: greenhouse gas emissions reduction, clean energy develop-ment, water and energy efficiency, clean technology innovation, and sustainable agricultural practices. Intended to further strengthen food and climate security, the transaction reflects OCP's commitment to embedding sustainability across its industrial operations.
Commenting on Ashurst's role, lead partner Tom Longmuir said: "This transaction demonstrates, at meaningful scale, the transformative potential of multilateral credit enhancement in mobilising private capital for Africa's green transition. The AfDB's partial credit guarantee has been the decisive catalyst here, enabling a €530 million commercial financing that directly supports OCP's commitments to decarbonisation and sustainable industrial development. We are proud to have advised AfDB on a transaction of such significance for Morocco and the wider continent."
Ashurst has a long-standing relationship with AfDB, and extensive experience advising multilateral development banks and development finance institutions on complex cross-border financings across Africa. The firm deployed a multi-office and multi-practice team across Paris, Casablanca and London in its role for AfDB, adding this land-mark transaction to its track record in development finance on the African continent.
The Ashurst team was led by partners Tom Longmuir and Ouns Lemseffer, supported by senior associates Samia Khennous and Meriem Komiha, as well as associate Rohan Last. Senior counsel Tom Cummins and senior associate Matthew Harnett advised on international arbitration aspects.
