To step up the sector’s green transition, the EBRD financing will be used to purchase new equipment for the extraction and transport of phosphate ore to processing facilities from several mines, said the London-based institution in a press release.

The new equipment will be more energy efficient, slashing diesel consumption and lowering the company’s carbon emissions. Morocco has an ideal geographical location and exceptional phosphate resources, holding more than 75% of the world’s reserves. It is also the world’s largest phosphate exporter, led by OCP.

PROCANEQ, a subsidiary of PROCAN Group, will also receive technical cooperation assistance and the Bank will also work with the company to enhance equal opportunity for women.

Morocco is a founding member of the EBRD and became a beneficiary of Bank resources in 2012. To date, the EBRD has invested more than €4.6 billion in the country through 103 projects.