France’s Proparco & IFC invest in bedding manufacturer Dolidol

IFC and French company, Proparco, will help Dolidol, a Moroccan manufacturer of polyurethane (PU) foam and bedding products and solutions, increase its generation and revenue to Nigeria, and green its operations in Morocco, building hundreds of direct and oblique work in people nations. Proparco is the personal sector funding arm of Agence Française de Développement group.
IFC’s €20 million funding deal incorporates a mortgage of €13.5 million from IFC’s individual account and €6.5 million mobilised from Proparco, the French Improvement Institution. The funding will assistance Dolidol’s entry into Nigeria, exactly where it ideas to acquire Mouka, the country’s main mattress and bedding provider. Dolidol will also strengthen its distribution community in Nigeria and enhance the quantity and high-quality of bedding products readily available there. IFC’s funding package deal will be accompanied by advisory providers to boost efficiency, Proparco said in a media statement.
The funding will support Dolidol in becoming a pioneer in environmental tactics in its sector and boost its power and creation effectiveness. Dolidol’s growth strategies are predicted to produce extra than 200 immediate and 600 oblique work in the two Nigeria and Morocco.
IFC and French agency, Proparco, will help Dolidol, a Moroccan manufacturer of polyurethane (PU) foam and bedding goods, increase its generation and sales to Nigeria, and inexperienced its operations in Morocco, making hundreds of immediate and oblique careers in those nations around the world. Proparco is the personal sector financing arm of Agence Française de Développement team.
“Dolidol has created a robust brand name recognition in Morocco. We hope to offer Nigerians inexpensive, higher-excellent beddings and create our operations in the nation whilst giving careers, trainings and sustainable provide chains,” Dolidol’s CEO Mohamed Lazaar stated in a statement.
“With the suitable financing and help, non-public businesses like Dolidol can produce considerably-wanted work and help drive a resilient financial restoration from COVID-19 in Africa. Our funding also supports regional integration through south-south business development, with a Moroccan corporation increasing its operations in Nigeria,” Xavier Reille, IFC’s state manager for the Maghreb said.
“Through this partnership with Dolidol, Proparco is delighted to lead to the emergence of a pan-African leader in buyer products. We are persuaded that the private sector will supply money support to the continent by means of this sort of proactive projects in terms of economic advancement and boosting renewable energies,” Denis Sireyjol, Proparco’s director of field, agriculture and services division claimed.

Fibre2Fashion Information Desk (GK)

