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TunisiaThe EU supports Morocco’s motor industry
September 7, 2018
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The European Bank for Reconstruction and Development (EBRD) is supporting the automotive industry in Morocco by lending €16 million to Varroc Lighting Systems Morocco, the Moroccan subsidiary of the Indian motor industry’s lighting systems giant, Varroc Engineering Pvt Ltd.
The EBRD’s financing will allow Varroc Engineering to supply the Tangier Renault factory and the Peugeot PSA plant in Kenitra, as well as to set up a research and development centre.
In addition, one hundred jobs, including engineering posts will be created between 2018 and 2024, and several hundred young people will be trained. This is in line with the government’s efforts to increase the rate of regional integration to 60 per cent by 2020.
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Morocco
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