The European Bank for Reconstruction and Development (EBRD) announced on Tuesday an additional loan of €3.5 million to Land’Or Maroc Industries (LMI), the Moroccan subsidiary of Land’Or, one of the main Tunisian producers. of melted cheese.
The new funding will allow LMI to purchase and install additional equipment and build a storage extension to its new cheese manufacturing plant in Kenitra, Morocco, according to Maroc Diplomatique.
The European Bank had granted a loan of €10.9 million 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 is part of the EBRD’s efforts to strengthen small and medium-sized enterprises (SMEs) in Morocco and integration with other economies in the Maghreb region.
The European Bank for Reconstruction and Development has a strong focus on financing private sector businesses. To date, the EBRD has invested more than €3.2 billion in 80 projects across Morocco.
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