The European Financial Institution for Reconstruction & Improvement (EBRD) is supporting Morocco’s pharmaceutical private sector with a 380 million Moroccan Dirham (MAD) ($ 36.8 M) loan to a diversified industrial Moroccan group operating in various areas.
In its statement, it said that the funds will be provided to Dislog Group, a leading producer and distributor of hygiene & pharmaceutical merchandise, in two tranches. MAD 270 Million ($26.2m) can be utilised by Dislog to acquire Steripharma, a domestic pharma manufacturer.
The remaining $10.5 million will finance the development of new green-certified industrial constructing and logistics platform in addition to the set up of photovoltaic (PV) panels. The new PV panels are anticipated to generate power to energy the constructing and can assist cut back CO2 emissions.
This tranche is supported by a guarantee from European Fund for Sustainable Improvement (EFSD) , in line with the EU-Morocco Green Partnership.
The funding will enable Dislog to expand into the pharma industry. Dislog may even obtain a grant from the FINTECC Program, which helps corporations in taking part EBRD economies to implement innovative climate technologies.
