Morocco: Varroc Engineering secures additional $16.2mln EBRD loan
Tuesday, 25 February 2020 15:08
Varroc Lighting Systems Morocco, local arm of Indian automotive lighting system manufacturer Varroc Engineering, will benefit from a new credit line of €15 million ($16.2 million) from the European Bank for Reconstruction and Development. This is the second loan granted by EBRD to the company after the €16 million provided in 2018.
The new financing will allow Varroc to boost supply of projectors and rear lights to the Renault factory in Tangier and the Peugeot PSA plant in Kenitra, as well as other foreign car manufacturers. Part of the resources will help create engineering centers and laboratories dedicated to training.
Founded in 1990, Varroc Engineering has offices in 17 countries and 41 first-class production centers. The company is a major player in the world’s automotive lighting system industry.
Chamberline Moko
Live News
-
Zambia Secures €2.7 Billion in Energy Deals in 13 Days, With China at the Helm
14:18
-
Growth Projection: Côte d’Ivoire Set to Be Sub-Saharan Africa’s Biggest Loser in Fallout From Middle East War
13:19
-
Riaz Moola Launches HyperDev to Automate App Development With AI
12:37
-
Avanti Gold Begins Major Exploration Campaign at Misisi Project in DR Congo
12:34
-
Senegal Rolls Out National Digital Library to Support Education Reform
12:23
-
Kenya’s Cliniva Blends Telemedicine and Clinics to Tackle Care Gaps
12:21
-
Liberia Rolls Out Online Phytosanitary System to Enhance Export Efficiency
12:19
-
Burundi Rolls Out Six-Pillar AI Strategy to Accelerate Digital Economy
11:23
-
Togo sets up national framework to anticipate climate shocks
08:05
-
West African tax authorities meet in Lomé for governance talks
08:02
(EBID) - EBID aims to allocate nearly 41% of its commitments to projects with environmental and...
Mahindra & Mahindra is considering a CKD assembly plant near Durban to strengthen its presence i...
AFC disbursed €43 million for Côte d’Ivoire solar project Financing supports 66 MW pla...
Mobile phones have become essential tools for work, education, payments and staying connected across...
MTN Ghana launches crackdown on mobile money agent fraud Audits trigger warnings, suspensions...
In 13 days, Zambia logged €2.7 billion in energy commitments, roughly €1.1 billion more than the total disbursed under its 38-month IMF...
BMI slashed Côte d'Ivoire's 2026 GDP growth forecast by 0.6 points to 5.8%, the steepest downgrade among all sub-Saharan African economies...
Avanti Gold started its 2026 exploration campaign at the Misisi gold project in DR Congo. The program includes 42,000 meters of drilling...
Liberia launched an electronic phytosanitary certification (e-Phyto) system on April 20 to replace paper-based processes. Authorities expect the...
Burkina Faso launches “SORA” university series filming in Ouagadougou 25-episode project explores student life challenges and...
The Virunga Gorilla Marathon is a relatively recent initiative held in the Virunga region, a volcanic mountain range straddling the borders of the...