The European Bank for Reconstruction and Development (EBRD) is strengthening its support for the Moroccan agribusiness sector and regional integration, with new financing for Land’Or Maroc Industries (LMI), the Moroccan subsidiary of Land’Or, a leading Tunisian producer of processed cheese.
A loan of MAD 36.9 million dirham (€3.5 million equivalent) to LMI will finance the acquisition and installation of additional equipment and the construction of a storage extension at its new cheese manufacturing plant in Kenitra, Morocco.
These funds, which are the EBRD’s second financial package for Land’Or, will also finance the working capital needs of LMI operations.
The Bank 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 will advance the EBRD’s efforts to strengthen small and medium-sized enterprises (SMEs) in Morocco and integration with other economies in the Maghreb region.
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