EBRD promotes green transformation in Moroccan mining sector

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  EBRD provides PROCANEQ with a loan of €13.6 million to support greener investments
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  The company will buy more energy-efficient equipment and reduce CO2 emissions
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  A project aimed at promoting women as machine drivers in the male-dominated mining sector

The European Bank for Reconstruction and Development (EBRD) is boosting energy efficiency in Morocco by granting a MAD 150 million (EUR 13.6 million) loan to PROCANEQ, a subsidiary of the PROCAN Group that serves the mining industry.

To accelerate the green transformation of the sector, EBRD funds will be used to purchase new equipment to extract and transport phosphate ore from several mines to processing plants.

The new equipment will be more energy efficient, which will reduce the company’s diesel consumption and carbon dioxide emissions. It will promote the employment of female machine 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 percent of the world’s reserves. It is also the world’s largest phosphate exporter, led by state-owned company OCP.

Founded in 2016 and headquartered in Morocco, PROCANEQ provides mining subcontracting services to the OCP Group.

PROCANEQ will also receive technical assistance to help it 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 the legal, regulatory and institutional framework at the national level, facilitating equal opportunities for women through advocacy.

Morocco is a founding member of the EBRD and became a beneficiary of the Bank’s funds in 2012. To date, the EBRD has invested over €4.6 billion in the country through 103 projects.