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IFC and Proparco finance the expansion of Moroccan Dolidol


Written by Frédéric Dubessy on Thursday, December 23rd 2021 à 15:55 | Read 499 times



Dolidol can produce 1 million units per year (photo: Dolidol)
Dolidol can produce 1 million units per year (photo: Dolidol)
MOROCCO. Dolidol, took out two loans for a total of €20m on Wednesday 21 December 2021. Based in Dar Bouazza (near Casablanca), the Moroccan number one in bedding, a subsidiary of Palmeraie Industries & Services (Palmeraie Holding group), wants to finance its development in Nigeria and strengthen its energy efficiency.

The package has been put together by the International Finance Corporation (IFC - World Bank Group) which is personally allocating €13.5 million. Proparco, the private sector arm of the French Development Agency (AFD), is providing a €6.5 million loan.

In November 2021, Dolidol will acquire Mouka of Niger, the country's leading supplier of mattresses and bedding. After a $60m (€53m) investment, it intends with this new €20m credit line to strengthen the distribution network of its new subsidiary in Niger to improve the quantity and quality of bedding items available in the country. "Our ambition is to offer Nigerians good quality and affordable bedding and to develop our activities in the country, which will create jobs, provide training and set up sustainable supply chains", comments Mohamed Lazaar, Dolidol's Managing Director. His company will receive technical assistance from IFC for this project.

Good environmental practices

Dolidol also wants to use part of these loans to "become a pioneer in its sector in terms of good environmental practices thanks to investments in strengthening its energy efficiency and improving the vertical integration of its production lines," says an IFC press release. "Our financial support will also make it possible to support regional integration through the development of South-South trade relations," emphasises Xavier Reille, IFC Director for the Maghreb.

Through Denis Sireyjol, Director of its Industry, Agriculture and Services Division, Proparco says it is "pleased to contribute to the emergence of a pan-African leader in consumer goods. We are convinced that the private sector will provide vital support to the continent through this type of proactive project in terms of economic development and the promotion of renewable energy."

Founded in 1972 in Morocco and present, since October 2016, in Côte d'Ivoire, Dolidol employs 1,200 people. The company has seven factories with a production capacity of 1 million units per year, as well as around fifty directly owned shops and a multi-brand online bedding sales site (lematelas.com). Since 2017, it has been active in the automotive sector (interior lining) through a joint venture (Jobelsa Automotive) set up with the Spanish company Jobelsa, which markets 100% of its products for export.



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