Casablanca – The European Bank for Reconstruction and Development (EBRD) has renewed its commitment to Morocco’s energy transition by granting a loan of $15.5 million to PROCANEQ, a mining subcontracting company established in 2016 that provides services to the OCP Group.

In a statement from its London headquarters, the EBRD highlighted that this funding aims to accelerate the green transition of the mining sector. The loan will enable PROCANEQ to acquire new equipment for extracting and transporting phosphate from multiple mines to processing facilities. This state-of-the-art equipment is expected to enhance energy efficiency, reduce diesel consumption, and lower carbon emissions.

“Morocco benefits from an ideal geographical location and exceptional phosphate resources, holding more than 75% of the world’s reserves,” the EBRD noted, underscoring the kingdom’s role as the largest global exporter of phosphate, primarily through the OCP Group.

Additionally, PROCANEQ, a subsidiary of the PROCAN Group, will receive technical cooperation assistance from the EBRD. This initiative will not only support technological advancements but also promote gender equality within the company, ensuring equal opportunities for women in the mining sector.

Morocco, a founding member of the EBRD, has been benefiting from the bank’s resources since 2012. Over the years, the EBRD has invested more than $4.6 billion in Morocco through 103 projects, aiming to foster sustainable development and economic growth in the country.

The renewed partnership between the EBRD and Morocco underscores the importance of sustainable practices in the mining sector and highlights the kingdom’s strategic efforts to lead in green energy initiatives while capitalizing on its vast phosphate reserves.