The European Bank for Reconstruction and Development (EBRD) announced on Tuesday an additional €3.5 million loan to Land’Or Maroc Industries (LMI), a Moroccan subsidiary of Land’Or, a leading Tunisian producer of processed cheese.
The new financing will enable LMI to purchase and install additional equipment and build a storage extension at its new cheese manufacturing plant in Kenitra, Morocco.
The European Bank had provided a €10.9 million loan package to Land’Or in 2020 to partially fund the construction of a new LMI cheese plant in Kenitra that is expected to be operational early in Q2 2022.
The financing is part of the EBRD’s efforts to strengthen small and medium-sized enterprises (SMEs) in Morocco and integration with other economies in the Maghreb region.
The European Bank for Reconstruction and Development puts a strong emphasis on providing finance for private-sector firms. To date, the EBRD has invested over €3.2 billion in 80 projects carried out across Morocco.
