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
-
South Africa’s Transnet Hits Milestone as 200th Locomotive Rolls Off Durban Assembly Line
06:02
-
WhatsApp Reintroduces Notes to Share Moods, Activities at Top of Chats
05:58
-
Russia, Togo to Open Embassies and Deepen Security Ties After Moscow Meeting
05:55
-
Togo's AfCFTA Implementation Assessed in Continental Capacity Study
05:52
-
Togo: Government Adopts 2026 Draft Finance Bil
16:36
-
Congo: Kokamba Platform Eases Corporate Management
16:26
-
Somalia Enforces Mandatory Electronic Tracking for All Port Cargo
16:04
-
Tanzania’s LimaBot Uses AI to Cut Crop Losses
15:46
-
Togo and Benin Set 30% Agricultural Trade Growth Target Under PRIMA
15:08
-
Tradex to Invest CFA10 Billion in Equatorial Guinea Network in 2026
14:38
MTN Innovation Lab hosts Africa HealthTech Export 2025 Bootcamp in Cotonou Event targets s...
Public Eye claims over 90% of Cerelac samples in Africa contain added sugar, averaging 6 g per por...
China says Premier Li Qiang will attend instead of President Xi Jinping The U.S. and Russia also ...
Carlyle is assessing whether it can buy Lukoil’s foreign assets worth about $22 billion. The...
Niger installs 1,031 km of fiber across five national corridors Project aims to connect with Beni...
Transnet unveils 200th Traxx 23E locomotive in freight fleet renewal 240-unit order with Alstom aims to modernize rail and boost capacity Project...
Notes appear atop chats, support replies, and customizable duration Meta says update improves visibility and ease of use via profile “About”...
Togo’s President meets Putin to deepen bilateral ties in Moscow Talks focus on security, diplomacy, and opening embassies Russia, Togo advance...
ACBF assesses Togo’s progress in implementing AfCFTA commitments Study highlights national strategy, awareness campaigns, and technical committee...
Orange Egypt and Qatar’s Qilaa International Group have partnered to develop WTOUR, a digital platform offering trip planning, hotel bookings, local...
Singita will invest $60m to build a 60-bed lodge on Santa Carolina Island and $42m in projects across the Bazaruto Archipelago. The...