The European Bank for Reconstruction and Development (EBRD) is providing further support to the automotive sector. The institution has just granted financing of more than 80 million MAD (7.5 million euros) to Tuyauto Gestamp, a new joint venture that produces metal parts for the automobile.
The company is equally owned by Spanish Gestamp Automocion and Morocco’s Tuyauto. This is the first operation involving a Moroccan project developer.
This envelope will finance the first phase of deployment of Tuyauto Gestamp Morocco operations related to the welding and assembly of metal structures for the new PSA plant in Kenitra.
The aim is to contribute to strengthening the local integration of the sector in order to reach 60% by 2020. It should be noted that 100 will also be able to improve their skills through vocational training leading to diplomas recognized at national and international level in sector as a whole, thanks to this support.