The European Bank for Reconstruction and Development (EBRD) is strengthening the agribusiness sector in Morocco with a total loan equivalent to €7.8 million to Land’Or Maroc Industries, the Bank said Wednesday in a press release.
Land’Or’s subsidiary in Morocco, Land’Or Maroc Industries (LMI), will receive a loan of 82.2 million dirham (€7.8 million equivalent) to finance the acquisition and installation of equipment at its new cheese manufacturing plant, to be built in Kenitra, north of Rabat, the Bank pointed out.
This facility is expected to be operational by the end of 2021 and will have a capacity of 2,700 tonnes of processed triangle cheese per year.
It is also designed to manufacture new products and new packaging with the objective of increasing export potential.
LMI will also benefit from an EU grant through the Bank’s Value Chain and Competitiveness Programme, which aims to improve value chains and make businesses more competitive across the southern and eastern Mediterranean region.
The EBRD places a strong emphasis on providing finance for private sector firms in Morocco. To date, the EBRD has invested close to €2.5 billion in Morocco through 66 projects.
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