The Moroccan Bank for Commerce and Industry (BMCI), a subsidiary of BNP Paribas, has granted a loan of € 13 million over five years to the Chinese equipment manufacturer Nanjing Xiezhong, reports Le Matin Eco.
The envelope is intended to finance its plant at Atlantic Free Zone of Kenitra for the manufacture of cooling systems for the benefit of PSA vehicles made in Morocco.
It is worth remembering that the Chinese company specializing in heating, ventilation and air conditioning systems for the automobile. In July 2016, she signed a letter of intent with MedZ for the realization of this project. Following this agreement, the Chinese equipment manufacturer had chosen the BMCI to ensure its financing.
According to the French banking group, “this transaction was made possible thanks to the support of Bank of Nanjing, of which BNP Paribas is a shareholder”.
The Nanjing Xiezhong plant in development at AFZ has an area of 34,000 m² for a total investment of 150 million DH (about 14 million euros) to eventually generate a total of 120 direct jobs.
The site is intended for the manufacture of cooling systems for the Moroccan and European markets.
