Automotive equipment: EBRD Grants Novares Morocco a €16.5 million Loan

The European Bank for Reconstruction and Development (EBRD) has granted Novares Morocco, the Moroccan subsidiary of the French automotive supplier Novares Group, a €16.5 million loan.

The amount will be used to finance the Novares project in Morocco, supplying the plants of Peugeot PSA in Kenitra and of Renault in Tangiers.
The funds will also finance the training of more than 180 young people.

The Novares Morocco project is the third project in the automotive sector in Morocco to be financed by the EBRD, after Faurecia and Varroc Lighting Systems.

The French group, present in 21 countries, has 10,000 employees and 42 production centers. It is a global supplier of plastic solutions, designing and manufacturing complex components and systems for the automotive industry. Its turnover amounted to €1.2 billion in 2017.