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Rabat – The European Bank for Reconstruction and Development (EBRD) announced on Tuesday approving a MAD 150 million (€13.6 million) loan to Procaneq, a subsidiary of the Procan Group that specializes in mining services, to fund its green transition.
According to a statement, the funds aim to advance the green transition within the sector by facilitating the acquisition of new, energy-efficient equipment for phosphate ore extraction and transport.
The advanced machinery is expected to significantly cut diesel consumption and reduce the company’s carbon footprint, marking a pivotal move towards more sustainable mining practices.
In addition to the environmental benefits, the project is set to promote gender diversity in the industry. It includes initiatives to employ more female equipment drivers, challenging the male-dominated norms of the mining sector.
Morocco, which boasts over 75% of the world’s phosphate reserves, is the leading global exporter of phosphate, with the state-owned OCP Group at the forefront.
Established in 2016 and based in Morocco, Procaneq provides subcontracting services to OCP Group, underscoring its vital role in the mining industry.
Beyond the EBRD’s financial investment, Procaneq will benefit from technical cooperation assistance aimed at enhancing the quality of its reporting and disclosures. The bank will also collaborate with the company to bolster gender equality, contributing to legal, regulatory, and institutional frameworks at the national level to foster equal opportunities for women.
As a founding member of the EBRD, Morocco has been a beneficiary of the bank’s resources since 2012. To date, the EBRD has invested over €4.6 billion in 103 projects across the country, demonstrating its commitment to supporting sustainable development and economic growth in the region.
Read Also: Moroccan Businesses to Benefit From $40 Million EBRD Fund Supporting Business Growth
