EBRD promotes energy transition in Morocco’s mining sector with €13.6Mln Loan

The European Bank for Reconstruction and Development (EBRD) on Tuesday reaffirmed its support for Morocco’s energy transition by providing a €13.6 million loan to PROCANEQ, a company set up in Morocco in 2016 to provide mining subcontracting services to OCP Group.

The EBRD financing, meant to step up the sector’s green transition, will be used to purchase new equipment for the extraction and transport of phosphate ore to processing facilities from several mines, said the London-based institution in a press release.

The new equipment will be more energy efficient, slashing diesel consumption and lowering the company’s carbon emissions. Morocco has an ideal geographical location and exceptional phosphate resources, holding more than 75% of the world’s reserves. It is also the world’s largest phosphate exporter.

PROCANEQ, a subsidiary of PROCAN Group, will also receive technical cooperation assistance. EBRD vowed to work with the company to enhance equal opportunity for women.

Morocco is a founding member of the EBRD and became a beneficiary of Bank resources in 2012. To date, the EBRD has invested more than €4.6 billion in the country through over 100 projects.