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.
Trending
- Benin Presidential Election: Hounkpe acknowledges his defeat and congratulates Wadagni
- Gender Bonds: Making Equality a Market Imperative
- South Africa: TymeBank completes its rebranding
- Egypt allocates $16.6 billion to social protection budget
- South Africa: Sasria relaunches its “Wrap Cover” multi-risk insurance
- Dangote Petroleum: the pan-African IPO that can reshape markets… or replicate the Ecobank mistake
- Banque Populaire inaugurates its second Al Moukawil Chaabi Center in Tangier
- Dividends 2025: Nearly 49 billion FCFA for Ecobank Côte d’Ivoire shareholders
EBRD awards 16.5 million euros to Novares Marocco
Amadjiguéne Ndoye
Economic journalist with a Master’s degree in Communication and Journalism from the Higher Institute of Information and Communication Sciences in Dakar (ISSIC). Avid reader and music enthusiast. Feminist at heart and passionate about fashion.
Add A Comment
About us
Headed by Adama Wade and his team of 20 journalists, Kapital Afrik offers strategic and financial information to executives and managers. The aim of Kapital Afrik is to provide financial and political news, give priority to human entrepreneurial experiences, lend life to economic policies, give meaning to statistics….
Contact us: redaction@financialafrik.com