Morocco and Ethiopia recently held a launch ceremony of a project to build a world-class integrated platform for fertiliser production in Ethiopia, said a report.

Morocco’s King Mohammed VI and Ethiopian Prime Minister, Hailemariam Dessalegn, oversaw the launch ceremony and also chaired the signing ceremony of several agreements, added the Morocco World News report.

The agreement to set up a $2.4 billion partnership for building the fertiliser plant was signed by Morocco’s state-owned OCP and the Ethiopian Ministry of Public Enterprise.

The partnership involves the development of a world-class fertilizer platform in Ethiopia in the hopes of increasing fertiliser usage across the continent.

On this occasion, CEO of OCP Group, Mostafa Terrab, gave a speech during which he said that the project will require a total investment of nearly $3.7 billion, it said.

Terrab said that the industrial megaproject will require an investment of $2.4 billion in its first phase in order to produce 2.5 million tonnes/year of fertiliser by 2022.

He also pointed out that an additional investment of $1.3 billion is expected by 2025 to reach a total capacity of 3.8 million tonnes/year of fertiliser to support the growth of local demand.

This South-South partnership is part of a common vision for the development of Africa between Morocco and Ethiopia and a strong willingness to strengthen economic ties, said Terrab, noting that this project aims to take full advantage of the complementarity between the respective natural resources of the two countries.

This industrial platform, which will consist of an integrated complex of fertiliser production, industrial and storage units, is part of OCP’s future strategic development plan to meet local fertiliser needs, added the report.