The European Bank for Reconstruction and Development (EBRD) reaffirmed on Tuesday its support for the energy transition in Morocco, through the granting of a loan of 150 million dirhams to PROCANEQ, a company created in 2016 in Morocco and which provides mining subcontracting services to the OCP group.
To accelerate the sector’s green transition, the EBRD financing will be used to purchase new equipment for the extraction and transport of phosphate to processing facilities from several mines, the London-based institution said in a statement.
The new equipment will offer better fuel efficiency, which will reduce the company’s diesel consumption and carbon emissions, the same source added.
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“Morocco benefits from an ideal geographical location and exceptional phosphate resources, of which it holds more than 75% of the world’s reserves,” argues the EBRD, noting that the Kingdom is also “the largest exporter” of phosphate in the world, with OCP as the leader.
PROCANEQ, a subsidiary of the PROCAN group, will also receive assistance in technical cooperation, the Bank notes, while emphasizing that it will also work with the company to strengthen equal opportunities for women.
Morocco is a founding member of the EBRD and became a beneficiary of the Bank’s resources in 2012. To date, the EBRD has invested more than €4.6 billion in the country through 103 projects.
With MAP
