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
-
Ethiopia Launches Construction Of New Airport Project Aimed At Becoming Africa’s Largest
15:40
-
Togo aquaponics startup turns to soilless farming to face climate risks
14:02
-
Inclusive employment in Africa improves but remains marginal
13:51
-
Senegal updates media watchdog to include digital platforms
13:34
-
Weekly Health Update| Rising diabetes rates raise health risks in Morocco and the MENA region
13:19
-
Cameroon ties passports, vehicle titles to tax compliance in 2026 budget
10:57
-
Togo Opens Professional Master’s Programs at Atakpamé Teacher Training College
05:15
-
Morocco Uses Satellite and RFID to Monitor Fishing Vessels
05:11
-
Senegal to Replace CNRA With New Digital-Age Media Regulator
05:00
-
Togo Ranks as West Africa’s Top Business Climate Performer in B-Ready 2025
04:54
Ethiopia agreed in principle with investors holding over 45% of its $1 billion eurobond due 2...
The BCID-AES launches with 500B CFA to fund Sahel infrastructure, asserting sovereignty from the B...
Africa’s AI adoption is accelerating, but its ability to scale depends primarily on foundational i...
Flutterwave acquired Nigerian open banking startup Mono in an all-share deal valued between $...
African billionaires increased their combined net worth by $21.9 billion in 2025. Nigerian b...
Ethiopia begins construction of Africa’s largest airport near Addis Ababa Bishoftu airport planned to handle 110 million passengers annually Project...
Collaborative programs are emerging across Africa to promote inclusive employment Public, private, and international actors are increasingly...
Cabinet approves bill creating the National Media Regulation Council New body replaces the audiovisual regulator set up in 2006 Reform expands...
This week in Africa, Africa CDC continues its clinical trial on mpox, while a new study highlights limits in malaria control efforts. Surveillance against...
The Sundance Institute selected three African films from more than 16,000 submissions across 164 countries. The 2026 festival will run from January 22...
Organizers opened submissions for the sixth Annaba Mediterranean Film Festival from Jan. 8 to Feb. 28, 2026. The festival accepts feature films, short...