The European Bank for Reconstruction and Development (EBRD) is boosting energy efficiency in Morocco by providing a MAD 150 million (€13.6 million) loan to PROCANEQ, a subsidiary of PROCAN Group, which serves the mining industry.
To step up the sector's green transition, the EBRD financing will be used to purchase new equipment for the extraction and transport of phosphate ore to processing facilities from several mines.
The new equipment will be more energy efficient, slashing diesel consumption and lowering the company's carbon emissions. It will promote the employment of women machinery drivers in the mining sector, a sector traditionally dominated by men.
Morocco has an ideal geographical location and exceptional phosphate resources, holding more than 75 per cent of the world's reserves. It is also the world's largest phosphate exporter, led by state-owned company OCP.
Established in 2016 and based in Morocco, PROCANEQ provides mining subcontracting services to OCP Group.
PROCANEQ will also receive technical cooperation assistance, enabling it to improve the quality of its reporting and disclosures. The Bank will also work with the company to enhance gender equality across the company and contribute to legal, regulatory and institutional frameworks at national level, facilitating equal opportunity for women through advocacy.
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 103 projects.