Release date: 23 September 2009
Promoter – Financial Intermediary
RenaultLocation
Description
The project comprises Renault’s investment in a new car manufacturing facility located in the Melloussa Free Economic Zone (30 km from Tanger harbour). The investment includes the design, civil engineering, purchase of equipment and tooling of the new factory, as well as the construction of an administrative building at the Renault terminal at the Tanger Med Harbour. The investment period is 2009-2012.
Objectives
The project aims at setting up a production facility for new models of the promoter’s low-cost brand, mainly for the European and Eastern Europe markets.
Comments
Because this is an intermediated financing operation, the Bank’s intervention also aims at supporting the local financial institutions committed to the financing of the project.
Sector(s)
Proposed EIB finance (Approximate amount)
EUR 200 million, on own resources (Mandate ENP MED 2007-2013)
Total cost (Approximate amount)
EUR 700 million
Environmental aspects
The competent Moroccan authorities required that an EIA be carried out. Since the site was chosen and dedicated to automotive production by TMSA (Tangier Mediterranean Special Agency), the national agency operating the Free Zones in the North of the country, a study of alternative sites could not be conducted by the promoter.
The land where the plant is located, parts of which were previously used for agriculture, was acquired by TMSA and provided to the promoter for the new plant. The process of land acquisition and expropriation of former owners has been performed in accordance with Moroccan law, including public consultations. As part of the expropriation process that was carried out between 2005 and 2008, TMSA ensured that resettlement was kept to a minimum.
Procurement
The promoter is a private company not operating in the utilities sector, and is thus not covered by EU Directive 2004/18/CE. The procurement procedures followed by the promoter (international and local competitive negotiation procedures) are in the best interest of the project and are acceptable to the Bank.
Status
Signed - 22/10/2009
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).