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The European Bank for Reconstruction and Development (EBRD) is supporting the automotive industry in Morocco by lending €16 million to Varroc Lighting Systems Morocco, the Moroccan subsidiary of the Indian motor industry’s lighting systems giant, Varroc Engineering Pvt Ltd.
The EBRD’s financing will allow Varroc Engineering to supply the Tangier Renault factory and the Peugeot PSA plant in Kenitra, as well as to set up a research and development center, the bank said in a release.
In addition, one hundred jobs, including engineering posts will be created between 2018 and 2024, and several hundred young people will be trained. This is in line with the government’s efforts to increase the rate of regional integration to 60 per cent by 2020, the source added.
Varroc Engineering is a major player in the automotive lighting systems industry and mainly targets emerging markets. It posted a turnover of €1.3 billion for 2017, and has offices in 12 countries, a workforce of 13,500 and 36 first-class production centers.
The EBRD has been working in Morocco since 2012. To date the Bank has invested over €1.6 billion in the country across 43 projects. The Bank has also given technical assistance to more than 380 local companies.
