The European Bank for Reconstruction and Development (EBRD) has announced new funds to sustain the development of olive oil production in Morocco.
A loan of up to MAD 55 million ($5.58 million) has been earmarked for the construction of an olive oil mill in the Fez-Meknes region and for other projects aimed at increasing the number of farmers involved in the olive oil production in the area.
The brand “Oliva” was coined to help local olive oils reach international markets. The loan is destined to boost the activities of the Al Dahra Holding subsidiaries in the country, ADFAC (Al Dahra Morocco Factories) and ADMO (Al Dahra Morocco).
While EBRD has targeted investments for the development of Moroccan agriculture in the past, this is the first time that it has directed its efforts specifically to improve the production means available to olive farmers.
It comes on top of a five-year program sponsored by EBRD, FAO and other stakeholders meant to offer specialized training to the whole Moroccan food chain. The core of those projects is to increase efficiency and product quality.
In a note, EBRD explained that “Al Dahra is a leader in agribusiness, specializing in the cultivation, production and trading of animal feed and food commodities and supply chain management. The group manages and operates a land bank of 350,000 acres globally in addition to forage processing facilities and rice and flour mills, with total annual production exceeding 4.5 million metric tons.”
EBRD began investing in Morocco, one of its founding members in 2012. Since then, EBRD has invested over $2.23 billion in 60 different projects throughout the country.