The EBRD grants a loan of 36.9 million to a producer of land or cheese in Morocco
MOROCCO, January 27 – The European Bank for Reconstruction and Development (EBRD) on Tuesday granted a loan of 36.9 million dirhams to Land Or Maroc Industries (LMI), the Moroccan subsidiary of Tunisian processed cheese producer Land’Or .
The loan, which reinforces the EBRD’s support to Morocco’s agro-industrial sector, will finance the acquisition and installation of additional equipment as well as the construction of a storage extension at its new cheese factory in Kenitra, the Bank said. on its website.
These funds, which constitute the EBRD’s second financing package for Land’Or, will also finance the working capital needs of LMI’s operations, the same source added.
The Bank granted a €10.9 million loan to Land’Or in 2020 to partly finance the construction of a new LMI cheese factory in Kenitra which should be operational at the beginning of the second quarter of 2022.
The financing will advance the EBRD’s efforts to strengthen small and medium-sized enterprises (SMEs) in Morocco and integration with other economies in the Maghreb region.
Land’Or has been part of the EBRD’s Blue Ribbon program since February 2020. The program, dedicated to high-potential SMEs, helps the company through technical assistance to adopt international financial reporting standards as well as increase its export potential and operational capabilities. Efficiency.
MAP January 26, 2022