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Morocco: Procaneq Seals $14.6 Million Loan Deal with EBRD

Thursday, 04 July 2024 12:47
Morocco: Procaneq Seals $14.6 Million Loan Deal with EBRD

(Ecofin Agency) - 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.

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




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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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