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EBRD provides €15 m loan to Morocco to develop new recyclable packaging line
The European Bank for Reconstruction and Development (EBRD) has extended €15 million loan to Morocco’s Multisac SA to develop new recyclable packaging line.
The funds will support the introduction of biaxially oriented polypropylene films to the company’s product range. These are reusable and recyclable flexible packaging films that have a low carbon footprint.
The Bank’s investment will also finance the construction of a new green manufacturing plant, complete with Building Research Establishment Environmental Assessment Method (BREEAM) certification, and the expansion of Multisac’s bag production capacity from 220 million to 250 million units annually.
The EBRD’s loan is back by a European Union (EU) guarantee through the European Fund for Sustainable Development (EFSD), which focuses on sustainable investments in green infrastructure, logistics chains, energy efficiency and green technology transfers in industrial processes. In addition, the EU will support the project with technical cooperation.
Multisac SA was founded in 2006 and is the leading producer of woven polypropylene bags in Morocco, with around a 35 percent market share. The company also has a strong presence in Africa, exporting more than 35 million bags annually to Mauritania, Guinea, Senegal, Mali and Burkina Faso, and producing 25 million bags a year in Tunisia through its subsidiary, Société Industrielle de Sacherie.
In 2018, the EBRD provided €4.3 million in local currency to Multisac SA to increase its production capacity, integrate a new production process (bottom squared bags) and increase resource efficiency by producing finished goods from recycled scrap materials. Multisac SA was the first local recipient of support from the EBRD and EU’s Value Chain and Competitiveness Program in 2018, which aims to improve value chains and make businesses more competitive across Morocco and the wider southern and eastern Mediterranean region.
As a member of the Bank’s exclusive Blue Ribbon program, Multisac SA has received an extensive range of advisory support to improve its efficiency and unlock its growth.
Morocco is a founding member of the EBRD and became a recipient of Bank financing in 2012. To date, the EBRD has invested over €4 billion in the country through 94 projects.
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