EBRD reaffirms support for Morocco's energy transition with MAD 150 million loan

On Tuesday, July 2, 2024, the European Bank for Reconstruction and Development (EBRD) reaffirmed its support for Morocco's energy transition by granting a MAD 150 million loan to PROCANEQ, a Moroccan-based company that provides mining subcontracting services to the OCP Group.

To accelerate the sector's green transition, the EBRD funding will be used to purchase new equipment for extracting and transporting phosphate to processing facilities from several mines, the London-based institution said in a press release.

The new equipment will thus offer greater energy efficiency, helping to reduce the company's diesel consumption and carbon emissions, adds EBRD.

«Morocco enjoys an ideal geographical location and exceptional phosphate resources, of which it holds more than 75% of the world's reserves», argued the EBRD, noting that the kingdom is «the largest exporter» of phosphate in the world, with OCP leading the way.

PROCANEQ, a subsidiary of the PROCAN group, will also receive technical cooperation assistance, notes the Bank, while emphasizing that it will also work with the company to strengthen equal opportunities for women. This project is expected to contribute to Morocco's goals of reducing its dependence on fossil fuels and promoting gender equality in the mining sector.