MIL OSI Translation. Government of the Republic of France statements from French to English
Source: European Investment Bank
Through this funding scale, the EIB is supporting the private sector and the development of an agro-food chain, autonomous, and competitive in Morocco
This project will have a strong economic and social impact, including the creation of 1662 direct and indirect jobs in several regions of Morocco
The EIB has decided to support to the tune of 25 million euros – about $ 266 million of moroccan Dirhams (MAD) – Zalar Holding, leader in the poultry sector in morocco, present on the whole value chain of the sector.
He is a finance major which will strengthen the vertical integration of the Group poultry in a dual objective of performance and competitiveness. Has the key of this funding : expansion of the facilities of storage of the cereals falling within the scope of trading activity in order to support the capacity of production of food for animals, building farms for breeding, the extension of the capacity of the hatcheries, the construction of livestock farms, as well as the modernization of some existing farms, all located in the four main consumption regions of Morocco.
“This is important funding that reflects our increased support to the private sector and agro-food production. With such projects, we help companies to make sustainable investments to increase their competitiveness, we support them in their international development. ” said Emma Navarro, Vice-President of the EIB, during the signing ceremony. And to add : “The development of infrastructure such as the modernization of the processes are also a source of new jobs and training at the heart of the rural territories. In doing so, we improve the daily life of the inhabitants. We create new opportunities for the future for the younger generations. “
“We are proud to enjoy the confidence of the EIB, a true development Bank, the european union, which shares our vision and favours the financing of investment projects a solid and sustainable in Africa.” said Ali Berbich, Director and chief Executive officer of Zalar Holding.
This funding is fully in line with the objectives of the external Mandate of the european Union as of the Plan of Accelerated Industrial 2014-2020 of Morocco to emerge champions in the sectors with high potential. Particular attention has been paid to the environmental and social aspects of the project with the implementation expected application of the best international standards in the field of technical supervision and environmental management.
The development project financed by the EIB will have strong social and economic impacts, including the creation of 448 jobs direct jobs within Zalar Holding and in several regions of Morocco 1214 indirect jobs, which will enable tangible improvements in the daily lives of people in rural areas. In addition, this development project will open the way to specific training for the employees of Zalar Holding.
The bank business Ascent Capital Partners and the law firm of DLA Piper are intervened respectively as the advice of financial and legal exclusive Zalar Holding on this operation. For its part, the EIB has been advised by the law firm ASAFO
As a strategic partner of Morocco, the EIB has committed more than € 5 billion – or more than $ 53.5 billion of moroccan Dirham (MAD) – for the past ten years to support projects in key sectors of the moroccan economy such as energy, transport, water and sanitation, education, health, housing, social, industry, business support or innovation.
Founded in 1974, the Group Zalar is the leader in the poultry sector of the moroccan and the only player vertically integrated throughout the entire value chain. In effect, the Group holds dominant market shares in the five sectors of activities : trading, animal nutrition, accouvage, rearing, and slaughter
EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure is not be perfect.