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European Bank Supports Morocco's Automotive Sector - African Eye Report | African Eye Report
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European Bank Supports Morocco’s Automotive Sector

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February 11, 2019//-The European Bank for Reconstruction and Development (EBRD) is supporting the automotive sector in Morocco through a €7.5 million loan to Tuyauto Gestamp Morocco, a greenfield joint venture producer of metal automotive parts 50 per cent owned by Gestamp Automocion (Spain) and 50 per cent by Tuyauto.

The funds will finance the first phase of Tuyauto Gestamp Morocco’s operations in the welding and the assembly of metal frames to supply the new Peugeot – Citroen plant in Morocco. This project also supports the Moroccan government’s efforts to increase local integration in the automotive sector to 60 per cent by 2020.

Under this project 100 young people will improve their skills through certified vocational trainings that are recognized nationally and sector-wide.

Tuyauto Gestamp Morocco is the Bank’s fourth project this year in the fast growing and strategic Moroccan automotive sector after Faurecia, Varroc Lighting Systems and Novares Morocco and the first one involving a Moroccan sponsor.

Tuyauto is a Moroccan-owned tier one automotive supplier with €25 million of revenues in 2017. It is engaged in hot stamping, exhaust systems business and heat shields

Gestamp Automocion (€8.2 billion of revenue in 2017) is a Spain-based tier-one automotive supplier with €8.2 billion of revenues in 2017. Itoffers a diverse product portfolio of highly engineered body and chassis metal components and complex assemblies as well as opening systems and mechanisms to OEMs.

The EBRD is an international organisation whose mission is to help countries transition effectively towards a market economy with investments that have a positive impact on people’s lives.

The EBRD has invested over €1.7 billion in Morocco across 50projects since 2012. The Bank has also provided technical assistance to more than 470 local companies.

By Nibal Zgheib

 

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