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EBRD To Provide €7.5 Million To Tuyauto Gestamp Morocco

EBRD to provide €7.5 million to Tuyauto Gestamp Morocco

EBRD To Provide €7.5 Million To Tuyauto Gestamp MoroccoSource: Tanger Med Port Authority

Tangier, Morocco (PortSEurope) February 11, 2019 – The local automotive industry in Morocco has been boosted by the announcement from the European Bank for Reconstruction and Development (EBRD) of a €7.5 million loan to Tuyauto Gestamp Morocco, a greenfield joint venture producer of metal automotive parts 50%:50% owned by Gestamp Automocion (Spain) and 50% Tuyauto (Morocco).

The EBRD funding 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% by 2020. 

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

This is the EBRD’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 ($28.24 million) of revenues in 2017 and 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 ($9.26 billion) of revenues in 2017. It offers 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 Moroccan government has identified the automobile industry as a key sector for local employment and for developing an industrial centre in the north of the country.

The Tanger Automotive City industrial platform offers the status of a free zone to companies involved in industrial, logistics or tertiary activities. Linked to the development of the automotive industry in Morocco, this zone is located close to the Renault Tanger Med plant. Tanger Automotive City has direct access to Tanger Med Port (22 km) and the Tanger Free Zone (20 km). The platform is also connected to a 1,800 km-motorway network and a 2,000 km-railway network.

French companies Renault and Peugeot–Citroen (PSA) assemble vehicles in Morocco for export to Europe via the Tanger Med port facilities.

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