Rabat – The European Bank for Reconstruction and Development (EBRD) granted a €15 million (MAD 165 million) loan in local currency on Wednesday to Moroccan company Multisac to support the packaging industry in Morocco.
The funds will help the company introduce new lines of biaxially oriented polypropylene films to its product range, a press release from the EBRD said.
“These are reusable and recyclable flexible packaging films that have a low carbon footprint,” the bank said.
The loan will also contribute to the building of a new “green manufacturing plant” with a Building Research Establishment Environmental Assessment Method (BREEAM) certification.
Additionally, the funds will help Multisac expand its yearly production from 220 million units to 250 million.
Multisac is a Morocco-based producer of woven polypropylene bags and possesses around 35% of the market share in the country. The company exports 35 million units annually to countries like Mauritania, Guinea, Senegal, Mali and Burkina Faso and also has a manufacturing presence in Tunisia through a subsidiary.
The EBRD previously provided in 2018 €4.3 million in local currency to Multisac to increase its production capacity and adopt new production processes that rely on recycled materials.
The European bank said on Thursday that its investments in Morocco in 2022 reached €530 million (MAD 5.8 billion), compared to €211 million (MAD 2.3 billion) in 2021.
The investments encompassed funds to help Morocco’s small and medium enterprises (SMEs), the country’s green economy, among other fields of interest.
