New York - The European Bank for Reconstruction and Development (ERBD) is providing a 2.5-million euro loan for subsidiaries of French agricultural cooperative group Maïsadour.
New York – The European Bank for Reconstruction and Development (ERBD) is providing a 2.5-million euro loan for subsidiaries of French agricultural cooperative group Maïsadour.
EBRD has granted the loan to Maïsadour Maroc and Maïsadour AgriMaroc in an effort to increase business within the agribusiness sector of Morocco. The objective of the financing is to help Maïsadour increase its fruit and vegetable production; particularly in the rural region Souss-Massa.
The subsidiaries produce primarily sweet corn, red berries and various types of lettuce which are distributed by well-known international specialists such as Barfoot’s of Botley, Bonduelle, Driscoll’s of Europe and Florette in France, Germany, Spain and the United Kingdom, reported FBR, an agriculture trade publication.
“We are very pleased to support the cooperative in the expansion of its operations in the rural regions of Morocco,” said EBRD acting director for agribusiness Victoria Zinchuk.
“Morocco’s favorable climate conditions and its proximity to European markets make its agricultural sector very attractive for exports,” said Zinchuk.
Maïsadour in Morocco produces fruits and vegetables on its own plantations and also works with 25 local farms.
EBRD’s loan will enable Maïsadour to work with more local partners in the region which allows more farms to benefit from its know-how, technical support and access to international markets.
Maïsadour director for international operations Régis Fournier said: “This transaction will be crucial for Maïsadour’s expansion program in Morocco and for achieving our growth objectives. This new financing will strengthen the fruitful long-term partnership between Maïsadour and the EBRD.”
EBRD support will also address the environmental regulations in the farming industry by assisting the producers to follow safe ecologically-friendly practices.
Since 2012, EBRD has invested over €1 billion in 26 projects in Morocco.