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Fez – Morocco’s Dolidol group has received a €20 million (MAD 209.86 million) funding loan from the International Finance Corporation (IFC) and Proparco.
The leader in bedding products is ambitiously expanding its business into Nigeria. The fund is also earmarked to make Morocco’s operations more environment-friendly.
The financing includes a €13.5 million (MAD 141.64 million) loan from IFC on its own account and a €6.5 million (MAD 68.19 million) loan from Proparco, the subsidiary of the French Development Agency dedicated to the private sector.
Dolidol group has just announced the acquisition of Mouka, Nigeria’s leading supplier of mattresses and bedding. Acquiring the Nigerian company, Dolidol aims to increase Mouka’s retail network in the West African country to boost the quantity and quality of available bedding products.
IFC’s financing will support Dolidol’s efforts to become the leader in Morocco’s bedding sector. The loan is expected to help develop good environmental practices through investments in strengthening energy efficiency and improving the vertical integration of production lines.
Read also: Dolidol Launches New Factory in Abidjan
Dolidol’s expansion plans are expected to create more than 200 direct jobs and 600 indirect jobs in Nigeria and Morocco.
Xavier Reille, IFC’s Director in the Maghreb, said that these loans are aimed at creating jobs that are crucial “for economic and social development and fostering a resilient post-COVID-19 recovery in Africa.” He added, “Our financial support will also help support regional integration through the development of South-South trade relations.”
Managing Director of Dolidol, Mohamed Lazaar, said Dolidol’s ambition is to offer Nigerians good quality and affordable bedding, while developing their activities to create jobs, provide training and establish sustainable supply chains in the country.
“Through this partnership with Dolidol, Proparco is pleased to contribute to the emergence of a pan-African leader in consumer goods,” said Denis Sireyjol, Director of the Industry, Agriculture and Services Division.
