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News > Investors

EBRD invests €15m in Varroc Lighting Systems

Staff writer
April 9, 2020, 5:57 p.m.
670

Word count: 209

The European Bank for Reconstruction and Development (EBRD) has provided a €15m loan to Varroc Lighting Systems Morocco that will provide training and employment opportunities for young people in the country.  

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The European Bank for Reconstruction and Development (EBRD) has provided a €15m loan to Varroc Lighting Systems Morocco that will provide training and employment opportunities for young people in the country.  

Founded in 1990, Varroc Engineering is a major player in the automotive lighting systems industry.

It posted a turnover of €1.8bn for 2019, has offices in 17 countries and 41 first-class production centres.

The EBRD’s financing 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.

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.

This is in line with the government’s efforts to increase the rate of regional integration to 60% by 2020.

This loan is the second after a €16m provided in 2018 to finance the establishment of the company in Morocco.

Morocco is a founding member of the EBRD.

Since 2012, the Bank has invested over €2bn in the country across 43 projects.

The Bank has also given technical assistance to more than 600 local companies.

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