Morocco: Procaneq Seals $14.6 Million Loan Deal with EBRD
Thursday, 04 July 2024 12:47
Morocco's Procaneq, a mining subcontractor for the OCP group, will boost its green investments with a loan from the European Bank for Reconstruction and Development (EBRD).
On July 2, 2024, Procaneq signed a €13.6 million ($14.6 million) loan agreement with the EBRD to enhance its activities in the mining sector.
We are supporting Procaneq with a €13.6 million loan to enhance energy efficiency and reduce CO2 emissions in Morocco's mining sector.
— The EBRD (@EBRD) July 2, 2024
This will also promote female equipment drivers, fostering gender equality in a traditionally male-dominated field.https://t.co/HCQ7bGDaLv pic.twitter.com/RsBlPwzTc6
The loan will support Procaneq's acquisition of energy-efficient equipment for phosphate extraction and transportation. Additionally, a communiqué from the EBRD indicates that Procaneq will receive technical assistance to improve the quality of its reporting and strengthen its legal, regulatory, and institutional frameworks.
Morocco, a founding member of the EBRD, has been benefiting from the Bank’s resources since 2012. Since then, the European lender has spent over €4.6 billion on 103 projects in the Northern African country.
Chamberline Moko
Live News
-
Mali Targets Over 50% Increase in Cotton Output in 2026/2027 Season
05:48
-
Ghana Approves Medical, Industrial Cannabis Framework
05:46
-
Pensana Raises $165 Million to Fast-Track Angola Rare Earths Mine
05:43
-
Why West Africa still imports onions: An interview with ORO/AOC’s Aliyu Isah
04:14
-
Dangote Cement signs $1 billion Sinoma deal as Cameroon plant project resurfaces
03:52
-
Douala Port Authority Plans Deal With SNH Unit Hydrac for Construction Oversight
03:42
-
Cameroon's 10,000-home project risks two-year delay, budget revised to 97.9bn CFA francs
03:40
-
Kribi refinery cost set at 372 billion CFA francs as financing is finalized
03:38
-
Fido Money Expands Instant Loan Services in Ghana and Uganda
16:24
-
Nigerian Start-Up Laskenta Expands AI Solutions for SMEs
16:11
Senegal launches 200 billion CFA bond in UEMOA Proceeds to fund 2026 budget, transformation agend...
Amazon begins talks with Kenya on low-Earth orbit satellite broadband Kenya’s digital market ...
Algeria’s NESDA and the Algerian‑Saudi Investment Company sign cooperation deal focused on researc...
DRC seeks ITC support for local battery value chains Musompo SEZ targets $2 billion private ...
Military escalation between Iran, Israel, and the United States has raised the risk of disruptions...
Mali aims to raise seed cotton production to more than 650,000 tons in 2026/2027, up over 50% from 2025/2026 estimates. The government plans to expand...
Ghana launched a regulated framework for low-THC cannabis cultivation limited to medical and industrial purposes. Authorities based the program on the...
In West Africa, onions are among the main agricultural products traded. Driven by strong demand, intra-regional trade has grown, connecting...
Senegal parliament approves creation of National Media Regulatory Council New body replaces CNRA, expanding oversight to digital media Reform follows...
In April 2026, the Amani Festival will change venues. Forced to leave Goma for Lubumbashi due to growing insecurity, the event turns displacement into an...
March is marked by festivals, conferences, workshops and other events celebrating women. In March 2026, a film program is dedicated to female directors...