(Ecofin Agency) - The automotive equipment supplier Tuyauto Gestamp Morocco received a €7.5 million loan from the European Bank for Reconstruction and Development (EBRD) to fund the development of its welding and structural steelwork activities, the EBRD announced in a release published February 11, 2019.

A co-venture of Spanish Gestamp Automocion and Moroccan firm Tuyauto, Tuyauto Gestamp Morocco will thus be able to produce metal parts for the new Peugeot-Citroën plant in Morocco.  

In that framework, 100 young individuals will be provided professional training attested by diplomas recognized in the whole sector.

"The funding also supports Morocco’s efforts to boost local integration of the automotive sector to increase it to 60% by 2020", the EBRD informed in its release.  

Since 2012, the EBRD has invested more than €1.7 billion on fifty projects in Morrocco. It has also offered technical support to more than 470 local companies.