Thursday, July 18, 2024

Morocco: EBRD Grants Loan of 36.9 Million to Land’Or Cheese Maker in Morocco

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London — The European Bank for Reconstruction and Development (EBRD) granted on Tuesday a 36.9 million dirham loan to Land Or Maroc Industries (LMI), the Moroccan subsidiary of Tunisian processed cheese producer Land’Or.

The loan, which reinforces the EBRD’s support for the Moroccan agro-industrial sector, will finance the acquisition and installation of additional equipment as well as the construction of a storage extension at its new cheese manufacturing plant in Kenitra, the Bank said on its website.

These funds, which are the EBRD’s second financial package for Land’Or, will also finance the working capital needs of LMI operations, the same source added.

The Bank provided a €10.9 million loan package to Land’Or in 2020 to partially fund the construction of a new LMI cheese plant in Kenitra that is expected to be operational early in Q2 2022.

The financing will advance the EBRD’s efforts to strengthen small and medium-sized enterprises (SMEs) in Morocco and integration with other economies in the Maghreb region.

Land’Or has been part of the EBRD Blue Ribbon programme since February 2020. The programme, dedicated to high-potential SMEs, is helping the company through technical assistance to adopt the International Financial Reporting Standards as well as to increase its export potential and operational efficiency.

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