VLS Morocco (EBRD-49789)

Countries
  • Morocco
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Oct 2, 2019
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Varroc Lighting Morocco
The holder of the loan, grant, or other investment.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
Not Disclosed
When disclosed, the bank did not provide this value. Please review updated project documents for more information.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Mar 2, 2020

Disclosed by Bank Aug 29, 2019


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Project Description

According to bank documents, the project involves provision of an additional long-term loan to Varroc Lighting Morocco (VLS Morocco), a tier-1 automotive component company incorporated in Morocco, to finance its operations at the Tangiers Automotive City (TAC).

The Project supports the expansion of VLS Morocco's recently finished greenfield automotive lighting manufacturing facility and comes after the company won additional orders from its OEM customers.

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Private Actors

Varroc Lighting Systems Morocco S.A. is ultimately owned by Varroc Engineering Limited, a global tier-1 automotive component group, established in India and involved in the design, manufacturing and supply of exterior lighting systems, electricals-electronics components, and precision metallic components.

Contact Information

Mohamed L#Baouch
mlbaouch@varroclighting.com

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.