EBRD offers €2.5m loan to French agricultural firm Maïsadour in Morocco
The European Bank for Reconstruction and Development (EBRD) has offered €2.5m senior loan to subsidiaries of French agricultural cooperative Groupe Coopératif Maïsadour.
The loan granted to Maïsadour Maroc and Maïsadour Agri Maroc is part of EBRD’s efforts to boost the agribusiness sector in Morocco.
The financing is aimed at helping Maïsadour to increase its production of fruit and vegetables in Morocco and particularly the rural region of Souss-Massa in the country.
The production primarily includes sweetcorn, 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.
EBRD acting director for agribusiness Victoria Zinchuk said: "Morocco’s favourable climate conditions and its proximity to European markets make its agricultural sector very attractive for exports.
“After the EBRD’s first two transactions with Maïsadour in Ukraine, we are very pleased to support the cooperative in the expansion of its operations in the rural regions of Morocco."
Maïsadour’s produces fruits and vegetables and its own plantations and in cooperation with 25 local farms.
EBRD’s loan will enable Maïsadour to work with more local partners in the region, allowing 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 programme 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 take into account the environmental dimension in farming by assisting the producers to follow good environmental practices.
Since 2012, EBRD has invested over €1bn in 26 projects in Morocco.