Car part manufacturer Clayens NP expands its plant in Mohammedia by approximately 70%

MOROCCO – Clayens NP Morocco, Car parts manufacturer, expanded the surface area of its manufacturing plant in Mohammedia by approximately 70%. The Moroccan manufacturing plant, with a reported US$8.1 million (MAD 73 million) investment, expanded its surface area by additional 5,300 square meters, nearly doubling the original size of the plant. The investment will create 100 new jobs, as well as generate an additional turnover of US$14.2 million (MAD 128.4 million) for the company. Specialized in the production of precision metal parts for the automotive, electrical and electronic sectors, Clayens…

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Renault group appoints Mohamed Bennani as managing director in Morocco

MOROCCO – The Renault group, a multinational automobile manufacturer, has appointed Mohamed Bennani as the managing director in Morocco as part of the reorganization of the brand. The mission of Bennani is to implement the Renault brand’s latest “Renaulution” policy in Morocco, and to expand its commercial operations. “We welcome Mohamed Bennani as the new General Manager of the Renault brand in Morocco,” the group said on a Facebook post. Bennani has had several roles in his career within the Renault group due to his engineering background and knowledge of…

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Edtech startup Kezakoo secures US$221,000 to complete and enrich its range of products

MOROCCO – Kezakoo, a Casablanca-based edtech startup specialized in tutoring, has completed its first round of financing of 2 million dirhams (US$221,000) to complete and enrich the range of products which it currently offers for the benefit of all high school students in Morocco. The investment was from investment company Witamax One, which was jointly created by the Morocco-based investment firms Southbridge A&I and AXXAM Family Office. The funding will also assist the startup to support its organizational development efforts. Launched in 2019 by the engineering duo Youssef Ghalem and…

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First intra-African trade transaction worth US$270m successfully completed

AFRICA – The first intra-African trade transaction through blockchain technology worth US$270 million has just been successfully completed between Morocco and Ethiopia, according to the Office Chérifien des Phosphates (OCP), one of the world’s leading phosphates fertilizer suppliers. The first of its kind in Africa, the transaction involving the export of fertilizers from Morocco to Ethiopia was carried out thanks to the collaboration between Dltledgers, a company specializing in the digitization of trade and the Bank of Commerce and Development of East and Southern Africa (TDB). “Dltledgers made available its…

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Medical textiles company Lamatem secures US$7m loan from EBRD and EU

MOROCCO – Lamatem, a Moroccan producer of high-‎end ‎medical garments, has secured €6 million loan (US$7.05m) from The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) to help the company increase its exports to European markets. The investment will help Lamatem to increase its supply of medical protective equipment and to offer a more diverse range of products, through the use of a state-of-the-art sterilisation machine, to local and European medical suppliers. Lamatem will also diversify its energy supply and boost the use of renewables, with…

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Amethis acquires majority stake in Moroccan distributor of irrigation systems Magriser Group

MOROCCO – Africa-focused private equity firm Amethis has expanded its portfolio with an investment in Magriser, a pioneer in the distribution and installation of turnkey micro-irrigation and solar pumping systems in Morocco. Under the deal, Amethis has acquired a majority stake through its Amethis MENA Fund II, dedicated to the SMEs in the region. The investment is aimed to enable Magriser to transition in a new development phase which will entail launching its own production unit for micro-irrigation pipes by the end of 2021 and ambitions to expand its activities to…

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Moroccan fashion startup Hob feel goods secures US$22,000 to develop its brand

MOROCCO – Hob feel goods, a fashion startup, has secured DH 200,000 (US$22,000) from the INNOV INVES fund to develop its brand. The brand, which was born out of a personal need, is built on the eco-principles of its co-founders Hind Bennis and Samia Benjelloun. For them, Hob feel goods concept combines Moroccan aesthetic and artisanal heritage, baby comfort, ergonomics, and material conformity. The brand encourages the use of scraps of materials obtained from clothing companies by the two entrepreneurs, which they visually enhance by adding artisanal elements or combining…

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AfDB appoints Achraf TARSIM as Country Manager for Morocco

MOROCCO – The African Development Bank (AfDB) has appointed Achraf TARSIM as Country Manager designated for Morocco. Achraf, a Tunisian citizen, joined the Bank in 2009, as an economist in the Governance and Economic and Financial Reforms Department. Prior to this appointment, Achraf was Regional Sector Manager – North Africa, responsible for Energy, Infrastructure and Financial Sector, leading sector dialogue with the six North African countries and designing new projects in these sectors. As a seasoned professional with deep knowledge of the Bank’s operations, he was instrumental in launching transformative…

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Fertilizer company OCP Group secures US$350m loan facility from Afreximbank

MOROCCO – African Export-Import Bank (Afreximbank), the Pan-African multilateral EXIM Bank, has signed a 7-year US$350 million Term Loan Facility to provide financing to OCP Group, a phosphate mining and leading fertilizer company, to support its expansion plans across Africa. The financing is part of Afreximbank’s remit to advance regional trade in Africa where its support is prioritized towards activities of African multinational corporations dubbed “Intra-African Trade Champions” – reflecting their status as key actors in the expansion and acceleration of Intra-African trade. Prof. Benedict Oramah, President of Afreximbank, observed…

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Morocco, Japan sign five-year MoC for promotion of public policies relating to layout and infrastructure

MOROCCO – The government of Morocco has signed a Memorandum of Cooperation with Japan, the first of its kind in the fields of land-use planning, town planning, infrastructure, and investment. According to a press statement, the agreement, set to last five years, will promote the sharing of expertise, capacity building, as well as good practices in the fields of planning and promotion of public policies relating to layout and infrastructure. The cooperation between the two countries prioritizes metropolization, urban resilience, and risk management in cities, as well as digitization and…

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