The European Bank for Reconstruction & Development (EBRD) is supporting Moroccan automotive sector with a €7.5 million loan to Tuyauto Gestamp Morocco, a greenfield joint venture producer of metal automotive parts owned by Gestamp Automocion (Spain) and Tuyauto (Morocco). The funds will finance the first phase of Tuyauto Gestamp Morocco’s operations in the welding and the assembly of metal frames to supply the new Peugeot – Citroen plant in Morocco. This project also supports the Moroccan government’s efforts to increase local integration in the automotive sector to 60 per cent by 2020. Tuyauto Gestamp Morocco is the Bank’s fourth project this year in the fast growing and strategic Moroccan automotive sector after Faurecia, Varroc Lighting Systems and Novares Morocco and the first one involving a Moroccan sponsor. Morocco has succeeded in marketing itself as an attractive & highly competitive export base for Europe, the Middle East and Africa.
Source: The North Africa Journal February 12, 2019 12:11 UTC