EBRD awards 16.5 million euros to Novares Marocco

The European Bank for Reconstruction and Development (EBRD) has awarded a € 16.5 million loan to Novares Morocco, the Moroccan subsidiary of the French automotive supplier Novares Group.
The financing will, among other things, supply the Peugeot PSA plants in Kenitra and Renault in Tangier, in line with the Moroccan authorities’ desire to increase the local integration rate of these sites to 60% by 2020. There is also the training component with the care of more than 180 young people.
According to Adil Chikhi, director of the EBRD’s corporate activities in the region, this is the third EBRD-financed project in the automotive sector in Morocco, after Faurecia and Varroc Lighting Systems, which will help develop the automotive sector and increase the local integration rate.
With a strong presence in 21 countries, 10,000 employees and 42 production centers, Novares is a global provider of plastic solutions, designing and manufacturing complex components and systems for the automotive industry of tomorrow. The company recorded in 2017, 1.2 billion euros of turnover.