Jeddah, KSA, 06.05.2013 – The Islamic Development Bank (IDB) last week signed a US$ 150 million agreement to finance the development of the “Jorf Lasfar Port” on Morocco’s Atlantic Coast, southwest of Casablanca, which is expected to meet the rising global demand for phosphate derivatives and fertilizers.

IDB Vice President for Operations, Birama Boubacar Sidibe signed the Public Private Partnership (PPP) agreement in Casablanca with Mohamed El Hajouji, Executive Director for financial affairs with “Office Chérifien des Phosphates” (OCP) the world's largest exporter of phosphate rocks and derivative products.

The IDB Vice President was in Casablanca, Morocco to attend a forum for facilitating trade and promoting regional economic cooperation.

Since its inception in 1975, IDB Group has approved US$ 5.3 billion as financing for the development of various sectors in Morocco including power generation, agriculture, education, health, transport, industry, mining, water supply and rurual development. It has also financed numerous foreign trade operations in line with its efforts to promote intra-trade amongst member countries.