EBRD and SGMA support local industry in Morocco
Strengthening the competitiveness of the private sector in Morocco, the EBRD has provided a MAD 100 million (around €9 million equivalent) loan, alongside a parallel loan of MAD 60 million (around €5.4 million) from Société Générale Maroc (SGMA), to Dolidol (Uni Confort Maroc), a leading producer of polyurethane foam and mattresses. Dolidol is a subsidiary of B Group (Palmeraie) and the investment fund DPI (Development Partners International.
The financing from the EBRD and Société Générale Maroc will help restructure Dolidol’s balance sheet, contribute to improving its corporate governance and support greater representation of women across the business.
The Bank also plans to support Dolidol in implementing road traffic safety standard ISO 39001 for its fleet of 150 trucks, and ISO 45001 for occupational health and safety.
Dolidol is one of the leading producers of polyurethane foam and mattresses in Morocco, with a market share of 30 per cent and a strong brand. The business is also active in the automotive sector, where its products provide it with access to a fast-growing, high-value, export-oriented sector. Dolidol manufactures car interior furnishings and it is currently the only supplier of automotive foam and felt in Morocco. These products are exported via the firm’s subsidiary Jobelsa Automotive, which is a joint venture with the Spanish car outfitting company Jobelsa. Its recent capital opening to the DPI investment fund in October 2018, will allow the company to accelerate the deployment of its strategy, both in the automotive sector and internationally.
The EBRD is an international organisation whose mission is to help countries transition effectively towards a market-oriented economy, through investments that have a positive impact on people’s lives. The EBRD has invested over €1.6 billion in Morocco across 46 projects since 2012. The Bank has also provided technical assistance to more than 380 local companies.
Société Générale Maroc
Société Générale Maroc is a universal bank founded in 1913. It is run in accordance with the international standards of its principal shareholder, Société Générale.
For more information, visit the website: www.sgmaroc.com