EBRD advances loan to boost energy transition in Morocco’s mining sector: The European Bank for Reconstruction and Development (EBRD) is extending a MAD 150 m (EUR 13.6 mn) loan to Moroccan mining equipment manufacturer Procaneq to boost energy efficiency in the kingdom’s mining sector, according to a statement.

The details: The funding will enable Procaneq to acquire new, more energy-efficient equipment for phosphate ore extraction and transportation, reducing diesel consumption and lowering carbon emissions. The company works with Morocco’s state-owned fertilizer giant OCP to provide mining subcontracting services.

EBRD ? Morocco: EBRD approved a three-part 2024-2029 country strategy for Morocco to increase the kingdom’s renewable energy capacity, improve water conservation, and expand decarbonization initiatives through energy efficiency and climate resilience in April. The lender also signed an agreement with Morocco’s Energy Transition and Sustainable Development Ministry to help the country increase renewables projects, improve electric grid infrastructure, and create energy-efficiency networks.

Morocco’s mining sector is becoming greener: OCP — which is 90% owned by Morocco’s government and operates the world’s largest phosphate deposits — was looking to list its recently launched chemicals unit OCP Nutricorps as part of the company’s efforts to finance its decarbonization plans. OCP Nutricorps was launched in April with a focus on customized phosphate-based and sustainably produced soil and plant nutrition products in a bid to strengthen food security.

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