(Ecofin Agency) - Morocco's Procaneq, a mining subcontractor for the OCP group, will boost its green investments with a loan from the European Bank for Reconstruction and Development (EBRD). 

On July 2, 2024, Procaneq signed a €13.6 million ($14.6 million) loan agreement with the EBRD to enhance its activities in the mining sector.

We are supporting Procaneq with a €13.6 million loan to enhance energy efficiency and reduce CO2 emissions in Morocco's mining sector.

This will also promote female equipment drivers, fostering gender equality in a traditionally male-dominated field.https://t.co/HCQ7bGDaLv pic.twitter.com/RsBlPwzTc6

— The EBRD (@EBRD) July 2, 2024

The loan will support Procaneq's acquisition of energy-efficient equipment for phosphate extraction and transportation. Additionally, a communiqué from the EBRD indicates that Procaneq will receive technical assistance to improve the quality of its reporting and strengthen its legal, regulatory, and institutional frameworks.

Morocco, a founding member of the EBRD, has been benefiting from the Bank’s resources since 2012. Since then, the European lender has spent over €4.6 billion on 103 projects in the Northern African country.

Chamberline Moko