The European Bank for Reconstruction and Development (EBRD) said it has provided Land’Or Maroc Industries (LMI) a loan of MAD 36.9 million dirham (€3.5 million equivalent).
LMI is a subsidiary of Land’Or, a leading Tunisian producer of processed cheese.
The loan to LMI will finance the acquisition and installation of additional equipment and the construction of a storage extension at its new cheese manufacturing plant in Kenitra, Morocco.
It will also finance the working capital needs of LMI operations.
The Bank provided a €10.9 million loan package to Land’Or in 2020 to partially fund the construction of a new LMI cheese plant in Kenitra that is expected to be operational early in Q2 2022.
The financing will advance the EBRD’s efforts to strengthen small and medium-sized enterprises (SMEs) in Morocco and integration with other economies in the Maghreb region.
Land’Or has been part of the EBRD Blue Ribbon program since February 2020. The program, dedicated to high-potential SMEs, is helping the company through technical assistance to adopt the International Financial Reporting Standards as well as to increase its export potential and operational efficiency.
