Moroccan irrigation firm seeks foothold in Africa

07.07.2021

Moroccan irrigation and farming company CMPG-CAS is looking to expand business in Sub-Saharan Africa where it plans to generate 20 percent of its sales in the first three years following its merger, according to CMPG CEO Youssef Moamah.

CMPG and CAS announced the merger last week to join forces in developing irrigation and agricultural water management technologies, with combined annual sales of 1.7 billion Moroccan dirhams.

The merger was financed through private equity by up to 70 percent while 30 percent was raised through bank loans, according to Moamah in a story published by Reuters.
 
The company already has a presence in Senegal and Ivory Coast, and plans to expand its African activity to Ghana, Nigeria, Kenya and Ethiopia, he added.
 
Moroccan firms and banks have rolled out investments in recent years in Sub-Saharan Africa, where the agricultural sector has lured giants such as state-owned phosphates and fertilizers producer OCP which is investing in plants in Nigeria and Ethiopia.
 
Moamah said CMPG manufactured 50 percent of its equipment in Morocco and was cooperating with Israeli firms such as Netafim, a company that pioneered drip irrigation decades ago, for its industrial and African expansion projects.
 
 
 
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