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
-
Algiers Targets Export Growth With National Data Platform
16:48
-
Kenya Tackles Startup Funding Constraints With DigiKen Program
16:45
-
Claude Dimo Builds Digital Platform for Education Management
16:44
-
Access Bank Cameroon Convenes Private Sector-Led Forum at the WTO 14th Ministerial Conference (MC14)
16:28
-
CEMAC: Yaounde to Host Global Experts on Infrastructure Financing April 23-24
16:24
-
Gana: Telecel acelera investimentos para se reposicionar face à MTN
16:07
-
DRC Unveils New Licensing Rules for Key Digital Services
16:00
-
Côte d’Ivoire Raises $193 Million as Banks Drive Demand for Short-Term Bills
15:48
-
Kenya advances Nairobi transport overhaul with China-backed road project
15:24
-
Togo posts 76.9% surge in active mobile money accounts in 2023-2024, among fastest in WAEMU
15:14
Togo parliament adopts WAEMU law against currency counterfeiting Bill defines offences including ...
Since its 2019 IPO, Airtel Africa paid Deloitte over $37 million in audit and non-audit fees,...
CCR-UEMOA presents mid-term review of private sector competitiveness efforts Reforms, AfCFTA trai...
World Bank announces $137 million to boost West Africa digital economy Program expands broad...
ECOWAS is proposing a regional digital platform for passengers to file and track complaints online...
A Telecel entrou oficialmente no mercado de telecomunicações do Gana em fevereiro de 2023, ao assumir as operações da Vodafone, então em dificuldades....
DR Congo issues new rules for regulated digital services Framework sets authorization process, five-year renewable permits Operators must...
Kenya signs deal with China’s Stecol to upgrade Nairobi road Project expands 23.5km route to dual carriageway with interchanges $298.9M China...
Four years after Russia’s 2022 invasion of Ukraine, the fertilizer market is facing a new shock as military tensions escalate between Iran, Israel and the...
Event highlights growing role of diaspora entrepreneurs across multiple sectors Networks support trade, investment and SME...
Afreximbank launches Impact Stories season two highlighting trade-driven transformations Series features projects across Africa and Caribbean, from...