The European Bank for Reconstruction and Development (EBRD) is still funding Varroc. The European institution has just granted a loan of around MAD 160 million (15 million euros) to Varroc Lighting Systems Morocco.
The loan will allow Varroc to continue supplying Renault factories in Tangier, Peugeot PSA in Kenitra as well as other manufacturers (Volkswagen and SEAT).
In addition to setting up an engineering center and validation laboratories, the funds will also make it possible to create several hundred jobs over the period 2020-2026. The objective is to strengthen local integration of the automotive sector to bring it to more than 60% by the end of 2020. Note that the loan also aims to improve the skills of young people through certified vocational training.