EBRD Grants €13.6 million to Morocco’s Procaneq

The European Bank for Reconstruction and Development (EBRD) will provide Procaneq – a subsidiary of PROCAN Group, which serves the mining industry ­– with a €13.6 million loan to acquire new equipment for extracting and transporting phosphate ore. The equipment aims to reduce diesel consumption and CO₂ emissions.

The EBRD will also offer technical assistance to enhance Procaneq’s reporting and information systems, alongside efforts to promote gender equality by encouraging hiring of female equipment operators.

Procaneq serves Morocco’s state-owned phosphate mining company OCPGroup, which manages 75% of the world’s phosphate reserves, from mining to export.