Prominent Moroccan maker and distributor of consumer goods Dislog Group received approval for a loan of 34.5 million euros from the European Bank for Reconstruction and Development (EBRD) to support its acquisition of pharmaceutical company and development of a new “green build” platform, according to an EBRD news release issued on Monday.
The loan will be made up of two tranches: 24.5 million euros will go to acquiring Steripharma, a local pharmaceuticals manufacturer that provides affordable specialty generic medicines to replace expensive original products for use in the treatment of life-threatening diseases.
The remaining 10 million euro loan will be used to develop a new green-certified industrial building with photovoltaic (PV) panels and a logistics platform.
The new PV panels are expected to provide the electricity to power the building while also helping to cut CO2 emissions. This tranche will be backed by a guarantee from the European Union (EU) through the European Fund for Sustainable Development (EFSD), in keeping with the goal of the EU-Morocco Green Partnership.
The investment enables Dislog to enter the pharmaceutical sector and gain more added value in Moroccan supply networks. The purchase of Steripharma will complement Dislog’s current expertise in reaching a large network of local distribution outlets while also helping to enhance profit from its existing distribution channels and logistical chains.
The loan will be supported by a technical assistance project financed by the EU under the EFSD program to improve its human resource policy through the implementation of a specialized Gender Diagnostic and Action Plan. This unusual plan will help Dislog promote gender equality and advance the careers of its female workers, and include policies related to childcare and the prevention of gender-based violence and harassment.
The EU’s EFSD program fosters funding and investment in many countries such as Egypt, Jordan, Morocco, Tunisia, Lebanon, and the West Bank and Gaza, as well as Armenia, Azerbaijan, Georgia, Moldova, and Ukraine.
Morocco is a founding member of the EBRD and first benefited from its resources in 2012. The EBRD has invested 4.2 billion euros in the nation through 95 projects so far.