Automotive Industry: EBRD Loans Euros 15 Million to Varroc Lighting Systems in Morocco

London – The European Bank for Reconstruction and Development (EBRD) has granted a Euros 15 million loan to Varroc Lighting Systems Morocco that will provide training and employment opportunities for young people in the country.

The financing, which is part of EBRD’s efforts to support the automotive industry in Morocco, will allow Varroc Engineering to supply the Tangier Renault factory and the Peugeot PSA plant in Kenitra, as well as other companies such as Volkswagen and SEAT, says EBRD in a statement, noting that the project also includes the establishment of an engineering centre and laboratories.

In addition, 100 jobs, including engineering posts, will be created between 2020 and 2026, and several hundred young people will receive vocational training to develop the required skills, adds the same source, stressing that this action is in line with the government’s efforts to increase the rate of regional integration to 60 per cent by 2020.

This loan is the second after a Euros 16 million provided in 2018 to finance the establishment of Varroc Lighting Systems in Morocco.

Founded in 1990, Varroc Engineering is a major player in the automotive lighting systems industry. It posted a turnover of Euros 1.8 billion for 2019, has offices in 17 countries and 41 first-class production centres.

Since 2012, the Bank has invested over Euros 2 billion in the kingdom across 43 projects. It has also given technical assistance to more than 600 local companies.

Source: Agency Morocaine De Presse