Canada's mining company Aya Gold & Silver's Moroccan subsidiary has secured a $100 million debt financing package with two European financing institutions to support the expansion of the Zgounder Silver project in the North African country, the company said in a statement.

The European Bank for Reconstruction and Development (EBRD) will provide $92 million as a senior debt facility. In addition, Climate Investment Funds will offer $8 million to Zgounder Millennium Silver Mining SA through its clean technology fund.

The 6-year maturity loans come with a 2-year principal grace period and 24-month availability period.

The Canadian mining firm manages and operates six precious metal mining zones in Morocco, including the Zgounder mining zone.

(Writing by P Deol; Editing by Anoop Menon)