Find out all Crédit Agricole CIB's information on real time : latest deals, leagues tables, awards, flash. And every month, our special report on an current subject.
04/13/2010 / EXPORT & TRADE FINANCE
Crédit Agricole CIB and OCP Group sign a buyer credit agreement
On February 15, 2010, in Rabat, Crédit Agricole CIB and OCP SA signed a USD 500 million buyer credit agreement. The purpose is to finance commercial contracts for OCP’s purchase of equipment, goods and services from different suppliers.
For the OCP representatives: “This is the first international financing agreement signed by OCP since it was transformed into a corporation in 2008 and it will enable the company to strengthen its ties to French companies.”
Guaranteed by CofaceCoface is the French Export Credit that extends credit to local exporters. ECAs also provide guarantees and insurance for exports, and occasionally for imports as well., the specialised export credit insurer, this agreement is part of OCP’s implementation of its strategy aimed at increasing its production and export capacities while reducing its operating expenses.
Emmanuel Bouvier d’Yvoire, Head of Export & Trade Finance at Crédit Agricole CIB, confirms that "for Crédit Agricole CIB, this deal involves a strategic agreement with Morocco’s leading industrial company. It provides us a position as one of the main players in the country’s export credit market.”
OCP is specialised in the extraction, processing and marketing of phosphates and derivative products. The world’s leading exporter of phosphate in all its forms, OCP has 95% of its turnover outside the country. An international company, it is present throughout the world.