EBRD grants €2.5M loan for Moroccan produce development
Two Morocco-based subsidiaries of a French agricultural cooperative have received a €2.5 million (US$2.78 million) senior loan for developing fruit and vegetable production.
In a release, the European Bank for Reconstruction and Development (EBRD) said it would provide the loan to Maïsadour Maroc and Maïsadour Agri Maroc for cultivation in the North African country, particularly in the southern rural area of Souss-Massa near Agadir.
The investment will mostly bolster the production of sweetcorn, red berries and various types of lettuce which are distributed by well-known specialists including Barfoot's of Botley, Bonduelle, Driscoll’s of Europe and Florette in France, Germany, Spain and the United Kingdom.
Production is organized both on Maïsadour’s own plantations and in cooperation with 25 local farms. With this EBRD-financed project Maïsadour will increase the number of local partners it works with, therefore allowing more farms to benefit from Maïsadour’s know-how, technical support and access to international markets.
Maïsadour helps its local partners to achieve international standards such as those promoted by GlobalG.A.P.
"Morocco’s favourable climate conditions and its proximity to European markets make its agricultural sector very attractive for exports," said EBRD director for agribusiness Victoria Zinchuk.
"After the EBRD’s first two transactions with Maïsadour in Ukraine, we are very pleased to support the cooperative in the expansion of its operations in the rural regions of Morocco."
The environmental dimension is also central to this support. A dedicated team assists the producers in the implementation of good environmental practices similar to those promoted by the Linking Environment and Farming (LEAF) organization.
"This transaction will be crucial for Maïsadour’s expansion programme in Morocco and for achieving our growth objectives. This new financing will strengthen the fruitful long-term partnership between Maïsadour and the EBRD," added Maïsadour director for international operations Régis Fournier.
The EBRD started investing in Morocco in 2012. To date, the Bank has invested over €1 billion (US$1.12 billion) in 26 projects across the country.
Photo: www.shutterstock.com
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