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(Ecofin Agency) – Land’Or Maroc Industries, the Moroccan subsidiary of Tunisian cheese producer Land’Or, has obtained a second line of credit for MAD36.9 million (about $4 million) from the European Bank for Reconstruction and Development (EBRD). The partners did not disclose the terms of the loan.
“Land’Or has been part of the EBRD Blue Ribbon program since February 2020. The program, 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,” reads an official EBRD statement released on January 25.
The beneficiary will use the money to strengthen its presence in the local market. Land’Or Maroc recently announced the acquisition of new equipment and the extension of buildings and storage capacity. The company, which started operations three years ago, also plans to strengthen its short-term cash flow needs with its loan.
In 2020, ERBD approved a €10.9 million credit line to Land’Or Maroc to partially finance a new cheese factory. The latter is expected to begin operations in Q2 2022. EBRD says it has invested nearly €3.2 billion in Morocco through 80 projects.
Chamberline Moko
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