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
-
DR Congo firm Benesha plans syringe factory as Kinshasa demand tops 10 million monthly
19:20
-
Development Partners Pledge Over $200M for DRC Population Census, Exceeding Funding Needs
19:14
-
African Oil Ministers Boycott London Summit Over Local Content and Inclusivity Issues
19:11
-
Burkina Faso Creates New Body to Streamline Business Climate Reforms
18:47
-
WTO Talks in Yaoundé Lay Bare Deepening Fractures in Global Trade
20:47
-
University of Kara partners employers’ body to align education with labour market
19:11
-
Togo equips women’s rice cooperatives to cut losses and raise output
18:57
-
Togo launches SME selection under AfDB-backed agricultural value chain program
18:47
-
Mohamed Khelifi Builds Fintech Solution to Streamline Financing in Tunisia
14:39
-
Sami Kehal Expands Parcel Shipping Across Algeria with WeeWee Delivery
14:37
Firms move beyond payments toward integrated SME platforms Services include invoicing, inve...
Novo Nordisk cuts Wegovy prices in South Africa amid competition Move targets rival Eli Lil...
The BCEAO now allows UEMOA citizens abroad to open CFA franc accounts under the same conditions as...
ECOWAS, Energy China discuss regional power infrastructure cooperation Talks cover $36.3...
South Africa pushes faster oil, gas exploration despite legal challenges Environmental groups’ co...
Benesha to build medical consumables factory in DR Congo SEZ Project aims to cut imports amid strong demand for devices Factory to produce syringes,...
Donors pledge over $200 million for DR Congo census World Bank, AfDB consider major funding and capacity support Census aims to update data...
African oil ministers to boycott May 2026 London energy summit Protest over lack of inclusivity and weak focus on African priorities Move reflects...
Burkina Faso creates unified body for PPP dialogue, business reforms New framework to streamline institutions and improve public fund use Security...
RFI confirmed the end of “Couleurs Tropicales” following Claudy Siar’s departure after 31 years. The move follows a series of high-profile exits...
Top 50 ranking highlights women across core tourism service segments Tourism contributes $168 billion to GDP and supports over 24 million...