The European Bank for Reconstruction and Development (EBRD) is considering a new financing package of up to €50 million (approximately 543 million Moroccan dirhams) for Procaneq Maroc SA, a Moroccan mining services company that extracts and transports phosphate rock for OCP Group, the state-owned phosphate giant. The proposed loan, reported by Reuters on July 24, 2026, aims to support the company's capital expenditure and working capital needs.
Procaneq Maroc, a subsidiary of the Canadian-based Procaneq group, has been operating in Morocco since 2010, providing mining services including drilling, blasting, loading, and hauling of phosphate ore. The company's contract with OCP, one of the world's largest phosphate producers, is a key part of its operations. The EBRD's potential investment aligns with its strategy to promote private sector development in Morocco's mining industry.
The financing is subject to EBRD board approval and is expected to be finalized later in 2026. If approved, it would mark the EBRD's first direct loan to Procaneq Maroc, though the bank has previously supported other mining and infrastructure projects in Morocco. The loan would be denominated in euros and structured as a senior secured facility.
Morocco holds approximately 70% of the world's phosphate reserves, and OCP is a major global supplier of phosphate-based fertilizers. The EBRD's involvement underscores the importance of sustainable mining practices and private sector engagement in the region's resource sector.
