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Automobile: A loan of 16.5 million euros from the EBRD to Novares Morocco

Novares Morocco, the Moroccan subsidiary of the French automotive supplier Novares Group, is awarded a loan of 16.5 million euros by the European Bank for Reconstruction and Development (EBRD).

Established in 21 countries with 10,000 employees and 42 production centers, Novares (1.2 billion euros turnover in 2017) is a global supplier of plastic solutions, designing and manufacturing complex components and systems for the automotive industry.

The project in Morocco will notably supply the Peugeot PSA plants in Kenitra and Renault in Tangier. It includes the training of more than 180 young people.

“This is the third EBRD-financed project in the automotive sector in Morocco, after Faurecia and Varroc Lighting Systems, which will help develop the automotive sector and increase the rate of local integration,” said Adil Chikhi, director corporate activities of the EBRD in the region.

The EBRD is an international organization whose mission is to help countries integrate into the market economy by having a positive impact on the lives of their people. Since 2012, it has invested nearly 1.5 billion euros in Morocco through 36 projects.

The EBRD has also provided technical assistance to over 450 local businesses.

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