The European Bank for Reconstruction and Development (EBRD) on Wednesday granted Multisac a loan of 15 million euros in local currency to support the development of the packaging industry in Morocco.
The funds will help introduce biaxially oriented polypropylene seals into the company’s product range, the EBRD said in a statement, explaining that these are flexible, reusable and recyclable packaging seals that have a low carbon footprint.
The bank’s investment will also finance the construction of a new BREEAM (Building Research Establishment Environmental Assessment Method) certified green manufacturing facility and increase the company’s bag production capacity from 220 million to 250 million units per year, the same source added.
The EBRD loan is backed by a European Union (EU) guarantee through the European Fund for Sustainable Development (EFSD), while the EU will also support the project through technical cooperation, the financial institution added.
Founded in 2006, Multisac SA is the leading producer of woven polypropylene bags in Morocco with a market share of around 35%.
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