Charting Morocco’s Future: EBRD Supports Green Mining, Credit du Maroc Teams with Mastercard for Digital Leap, and Esso Ventures into Offshore Exploration
The European Bank for Reconstruction and Development (EBRD) has announced a significant milestone with the approval of a MAD 150 million (€13.6 million) loan to Procaneq, a subsidiary of the Procan Group specializing in mining services, aimed at catalyzing its green transition initiative. This financial support is set to revolutionize Morocco’s mining sector by facilitating the acquisition of cutting-edge, energy-efficient equipment for phosphate ore extraction and transportation.
The infusion of funds is expected to yield substantial environmental benefits, including a marked reduction in diesel consumption and a consequential decrease in the company’s carbon footprint. This strategic move underscores Procaneq’s commitment to adopting sustainable mining practices, aligning with global efforts to mitigate climate change and promote environmental stewardship.
Beyond its environmental impact, the project also seeks to foster gender diversity within the traditionally male-dominated mining industry. Procaneq plans to implement initiatives aimed at increasing the representation of women in operational roles, challenging longstanding gender norms and promoting inclusive workplace practices.
Morocco, endowed with more than 75% of the world’s phosphate reserves and spearheaded by the state-owned OCP Group, holds a pivotal position as the largest global exporter of phosphate. Procaneq, established in 2016 and headquartered in Morocco, plays a crucial role in supporting OCP Group through its subcontracting services, reinforcing its integral role in the country’s vital mining sector.
In addition to the financial assistance, the EBRD will provide technical cooperation to enhance Procaneq’s operational standards and strengthen its reporting mechanisms. The partnership will also focus on advancing gender equality initiatives, advocating for supportive legal frameworks and institutional practices that empower women in the workplace and beyond.
As a longstanding member of the EBRD, Morocco has enjoyed significant benefits from the bank’s investments since 2012. With over €4.6 billion allocated across 103 projects in the country, the EBRD continues to demonstrate its steadfast commitment to driving sustainable development and fostering economic growth in Morocco and the broader region.
Credit du Maroc and Mastercard Forge Strategic Alliance to Propel Digital Transformation in Morocco
Credit du Maroc and Mastercard have forged a strategic partnership agreement aimed at introducing cutting-edge technologies to the market, advancing the bank’s digital evolution, and delivering tailored solutions to its clientele.
This collaboration between the two financial giants is designed to cater to the daily financial needs of Moroccans while reinforcing Credit du Maroc’s role as a leading innovator in the banking sector.
Ali Benkirane, Chairman of the Management Board of Credit du Maroc, expressed confidence in the partnership’s potential to drive the adoption of digital payments in Morocco. He highlighted, “We believe that our new partnership will promote the use of seamless and personalized digital payment solutions, enhancing customer satisfaction and financial security.”
Dimitrios Dosis, President of Eastern Europe, Middle East and Africa at Mastercard, emphasized Mastercard’s commitment to accelerating digital transformation and fostering financial inclusion across Africa. “At Mastercard, our mission is to accelerate digital transformation and enhance financial inclusion in Africa,” Dosis remarked.
He underscored Morocco’s strategic importance in Mastercard’s regional growth strategy, noting, “As a key economic and financial hub in the region, Morocco plays a crucial role in our growth strategy. Building on the success of our partnership with Credit du Maroc, we are eager to further our joint efforts to foster a dynamic and sustainable digital economy in the Kingdom.”
Morocco has significantly enhanced financial inclusion efforts, particularly among households, micro, small, and medium-sized enterprises (MSMEs), women, youth, and rural populations. According to World Bank data, the percentage of Moroccans with access to a bank account rose from 29% in 2017 to 44% in 2023, driven largely by the expansion of digital financial services.
The partnership between Credit du Maroc and Mastercard aims to bolster the development of digital financial services in Morocco, accelerating the country’s digital transformation. Together, they seek to introduce innovative solutions, elevate customer experiences, and promote the widespread adoption of digital payments nationwide.
Esso Energy and ONHYM Ink Offshore Exploration Agreements in Morocco
Credit du Maroc and Mastercard have entered into a strategic partnership aimed at introducing state-of-the-art technologies to the market, advancing the bank’s digital evolution, and offering bespoke solutions to its customers.
This collaboration between two major players in the financial sector is tailored to meet the daily financial needs of Moroccans while solidifying Credit du Maroc’s position as a leading innovator in banking.
Ali Benkirane, Chairman of Credit du Maroc’s Management Board, expressed confidence in the partnership’s potential to drive the adoption of digital payments across Morocco. He emphasized, “We believe our new partnership will encourage the use of seamless and personalized digital payment solutions, enhancing customer satisfaction and financial security.”
Dimitrios Dosis, President of Eastern Europe, Middle East, and Africa at Mastercard, highlighted Mastercard’s dedication to accelerating digital transformation and promoting financial inclusion across Africa. “At Mastercard, our mission is to expedite digital transformation and enhance financial inclusion in Africa,” Dosis stated.
He emphasized Morocco’s strategic importance in Mastercard’s regional expansion plans, noting, “As a pivotal economic and financial hub in the region, Morocco plays a crucial role in our growth strategy. Building on the success of our collaboration with Credit du Maroc, we look forward to furthering our joint efforts to cultivate a vibrant and sustainable digital economy in the Kingdom.”
Morocco has made significant strides in enhancing financial inclusion, particularly among households, micro, small, and medium-sized enterprises (MSMEs), women, youth, and rural communities. According to World Bank data, the percentage of Moroccans with access to a bank account increased from 29% in 2017 to 44% in 2023, largely due to the expansion of digital financial services.
The partnership between Credit du Maroc and Mastercard aims to bolster the development of digital financial services in Morocco, accelerating the country’s digital transformation. Together, they aim to introduce innovative solutions, enhance customer experiences, and promote widespread adoption of digital payments nationwide.
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