Latest news with #MatteiPlan
Morocco World
27-05-2025
- Business
- Morocco World
OCP, Italy's Financial Group SACE Announce €365 Million Green Financing Agreement
Rabat – OCP Group has announced the signing of a €365 million agreement with the Italian export credit agency and finance group, SACE. In a statement today, the Moroccan fertilizer giant said that the agreement is the first of its kind under the group's Green Finance Framework and the first guaranteed by SACE Push Strategy in Morocco. 'This strategic partnership reinforces OCP's commitment to sustainability and innovation in plant nutrition solutions,' the statement added, noting that the deal marks a 'historic dual first.' The OCP facility will be supported by an insurance coverage under SACE's Push Strategy and arranged by BNP Paribas and Credit Agricole Corporate and Investment Bank. The push strategy provides Italian companies with access to international markets, offering them financing to foreign counterparts with the potential to purchase goods and services from Italy. The agreement is in line with OCP's $13 billion Green Investment program covering the 2023-2027 period. The agreement will contribute to financing the program, which seeks to enable a complete non-conventional water use since early 2025, including a desalination capacity of 560 million cubic meters per year by 2027. It also seeks to ensure complete water autonomy as well as 100% clean energy by 2027. The OCP mega program further aspires to ensure full carbon neutrality by 2040 and increased production of green fertilizers. Armando Bucacco, Italian ambassador to Morocco, highlighted the importance of the promising agreement. The deal represents a 'significant step in strengthening ties between Italy's industrial excellence and one of Morocco's leading economic players,' Bucacco noted. He added, 'This strategic partnership not only fosters across multiple sectors, reinforcing a strong foundation for bilateral trade and investment.' Karim Lotfi Senhadji, Chief Financial Officer at OCP, echoed the same remarks. For him, the agreement with SACEE reflects OCP's commitment to sustainability and innovation. 'By securing this facility, we are accelerating our transition towards 100% clean energy and 100% non-conventional water, reinforcing our leadership in sustainable plant nutrition solutions,' he explained. SACE's Chief International Officer, Michal Ron, also expressed satisfaction with the deal. This initiative demonstrates the group's commitment to promote 'made in Italy' and supporting Italian companies in key sectors like infrastructure, renewable energy, and industrial machinery, he argued. 'It also reinforces our commercial ties with Africa in alignment with the Mattei Plan,' he added. For his part, head of CIB Africa at BNP Paribas and CEO of BNP Paribas Regional office in Casablanca Finance City, Abdelmadjid Fassi Fihri, said the landmark transaction with OCP has been a 'great opportunity to leverage the expertise of our Corporate and institutional Banking teams in Casablanca, Milan, and Paris in order to deliver state-of-the-art cross-border structured financing supporting the ambitious sustainable trajectory of the kingdom' Andre Gazal, Global Head of ECA & Multilateral Financing Solutions at Crédit Agricole CIB, echoed similar remarks. Through this agreement, he concluded, 'OCP entrusted us to structure this financing which will serve their strategic capex plans, underlying the strong ties built between OCP and Crédit Agricole CIB over the years.' Tags: Morocco's OCP GroupOCP Africa
Zawya
15-05-2025
- Business
- Zawya
Italy affirms Partnership with African Development Bank under the Mattei Plan
Italy has reaffirmed its partnership with the African Development Bank ( and expressed keenness to explore mutual growth opportunities in Africa under the Mattei Plan. Stefano Gatti, Director General for Development Cooperation at the Ministry of Foreign Affairs and International Cooperation (FAIC) and Lorenzo Ortona, Head of the Mattei Plan Task Force led a delegation to the Bank's Abidjan headquarters on Thursday 8 May. The delegation comprised representatives of institutions charged with implementing the Mattei plan for Africa, such as Cassa Depositi e Prestiti(CDP), the Ministry of Finance, as well as important representatives of the business and private sector and civil society organisations. Under the Mattei Plan for Africa, Italy aims to foster economic and strategic partnerships with African nations and institutions. Its Prime Minister Giorgia Meloni has stated that the African Development Bank Group would be ( its main strategic financial partner for implementation of the plan on the continent. The delegation was hosted by African Development Bank Senior Vice President Marie-Laure Akin-Olugbade, who was joined by three vice presidents –Nnenna Nwabufo, Beth Dunford and Kevin Kariuki, as well as several directors from the energy, resource mobilization and finance departments, among others. Participants in the meeting exchanged on ways to strengthen public-private sector collaboration with Italy in reducing hunger and boosting agriculture in Africa. The conversation also discussed the importance of the African Development Fund, the Bank's concessional lending arm in addressing the challenges of the continent's most disadvantaged countries. Akin-Olugbade expressed satisfaction at the progress made since the announcement of the Plan in July 2024, in particular, the Rome Process/Mattei Plan Financing Facility (RPFF), a multi-donor Special Fund aimed at supporting climate aligned sovereign infrastructure projects that help to address the root causes of migration. The RPFF with contributions from Italy and the UAE amounting to over $170 million, is now operational. The senior vice president commended Italy for demonstrating its commitment and thanked the government for its choice of The African Development Bank as partner. 'We appreciate, of course, the choice of the African Development Bank to accompany you in your strategy, very ambitious strategy for the continent. We are really very happy to hear that Italy, indeed, is still strongly committed to the continent, and of course, to working with the African Development Fund.' Other instruments under the Plan with the African Development Bank include the Growth and Resilience Platform for Africa (Graf), and a bilateral co-financing facility. Under Graf, CDP and the African Development Bank intend to invest up to EUR 400 million over five years in private equity funds to accelerate private sector development in Africa. 'We are grateful for the outstanding job that the bank has done. We really appreciate it,' Ortan said. 'We really believe that in order to enhance the Mattei plan in Africa and the visibility of it, we need partners like you.' Concluding the discussions, Akin-Olugbade said the Mattei plan has emerged as a template for future cooperation between Italy and other developed countries and Africa. She said: 'I believe that Italy has seen the African Development Bank, the African Development Fund as trusted partners. I believe we have a good track record of providing and achieving results. There's a leveraging effect that multilateral development banks have that sometime bilateral resources do not have. And we need to take advantage of this.' Italy has been a strong partner to the African Development Fund and pledged EUR 298.88 million to its sixteenth replenishment. Italy has been a partner in Mission 300, as well as advocating for strengthening private sector engagement, especially for youth entrepreneurship. Distributed by APO Group on behalf of African Development Bank Group (AfDB).
Arab News
09-04-2025
- Business
- Arab News
Italy's Eni to invest $26bn in North Africa over next 4 years, CEO says
RAVENNA : Italian energy group Eni will invest around €24 billion ($26.24 billion) in Algeria, Libya and Egypt over the next four years to help boost energy production, CEO Claudio Descalzi said on Tuesday. The investments would coincide with the Rome government's efforts to relaunch its economic and political ties with Africa as part of its so-called Mattei Plan. Eni is already a major foreign investor in North Africa's energy sector. Descalzi said the three countries can play an important role as hydrocarbon suppliers for Europe, but need outside investment to expand their energy production and meet rising domestic demand. 'Internal demand in these countries — because of demographic growth — is increasing at about 7-8 percent every year, this means they need gas ... they need investment,' he told an energy conference in the Italian city of Ravenna. In the next four years, Eni will invest more than €8 billion each in Algeria and Libya, and about the same in Egypt, Descalzi said. Egypt had planned to become a major gas exporter after Eni discovered the Zohr offshore gas field there in 2015. However, domestic gas production in the country has been falling since 2021, and reached a six-year low in 2024. Earlier this year, Cyprus and Egypt signed a deal to process the gas coming from Cyprus's offshore fields to Egypt, exported by Eni, for liquefaction and re-export to Europe.
Zawya
09-04-2025
- Business
- Zawya
Italy's Eni to invest $26bln in North Africa over next four years, CEO says
RAVENNA, Italy: Italian energy group Eni will invest around 24 billion euros ($26.24 billion) in Algeria, Libya and Egypt over the next four years to help boost energy production, CEO Claudio Descalzi said on Tuesday. The investments would coincide with the Rome government's efforts to relaunch its economic and political ties with Africa as part of its so-called Mattei Plan. Eni is already a major foreign investor in North Africa's energy sector. Descalzi said the three countries can play an important role as hydrocarbon suppliers for Europe, but need outside investment to expand their energy production and meet rising domestic demand. "Internal demand in these countries - because of demographic growth - is increasing at about 7-8% every year, this means they need gas ... they need investment," he told an energy conference in the Italian city of Ravenna. In the next four years, Eni will invest more than 8 billion euros each in Algeria and Libya, and about the same in Egypt, Descalzi said. Egypt had planned to become a major gas exporter after Eni discovered the Zohr offshore gas field there in 2015. However, domestic gas production in the country has been falling since 2021, and reached a six-year low in 2024. Earlier this year, Cyprus and Egypt signed a deal to process the gas coming from Cyprus's offshore fields to Egypt, exported by Eni, for liquefaction and re-export to Europe. ($1 = 0.9145 euros) (Reporting by Francesca Landini, editing by Alvise Armellini and Rachna Uppal)
Reuters
08-04-2025
- Business
- Reuters
Italy's Eni to invest $26 billion in North Africa over next four years, CEO says
RAVENNA, Italy, April 8 (Reuters) - Italian energy group Eni ( opens new tab will invest around 24 billion euros ($26.24 billion) in Algeria, Libya and Egypt over the next four years to help boost energy production, CEO Claudio Descalzi said on Tuesday. The investments would coincide with the Rome government's efforts to relaunch its economic and political ties with Africa as part of its so-called Mattei Plan. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. Eni is already a major foreign investor in North Africa's energy sector. Descalzi said the three countries can play an important role as hydrocarbon suppliers for Europe, but need outside investment to expand their energy production and meet rising domestic demand. "Internal demand in these countries - because of demographic growth - is increasing at about 7-8% every year, this means they need gas ... they need investment," he told an energy conference in the Italian city of Ravenna. In the next four years, Eni will invest more than 8 billion euros each in Algeria and Libya, and about the same in Egypt, Descalzi said. Egypt had planned to become a major gas exporter after Eni discovered the Zohr offshore gas field there in 2015. However, domestic gas production in the country has been falling since 2021, and reached a six-year low in 2024. Earlier this year, Cyprus and Egypt signed a deal to process the gas coming from Cyprus's offshore fields to Egypt, exported by Eni, for liquefaction and re-export to Europe. ($1 = 0.9145 euros)
