IFC’s €20 million financing package includes a loan of €13.5 million from IFC’s own account and €6.5 million mobilised from Proparco, the French Development Institution. The financing will support Dolidol’s entry into Nigeria, where it plans to purchase Mouka, the country’s leading mattress and bedding supplier. Dolidol will also strengthen its distribution network in Nigeria and improve the quantity and quality of bedding products available there. IFC’s financing package will be accompanied by advisory services to improve productivity, Proparco said in a media statement.
The financing will support Dolidol in becoming a pioneer in environmental practices in its sector and improve its energy and production efficiency. Dolidol’s expansion plans are expected to create more than 200 direct and 600 indirect jobs in both Nigeria and Morocco.
"Dolidol has built a strong brand recognition in Morocco. We hope to offer Nigerians affordable, high-quality beddings and develop our operations in the country while offering jobs, trainings and sustainable supply chains,” Dolidol’s CEO Mohamed Lazaar said in a statement.
"With the right financing and support, private businesses like Dolidol can create much-needed jobs and help drive a resilient economic recovery from COVID-19 in Africa. Our financing also supports regional integration through south-south business development, with a Moroccan company expanding its operations in Nigeria,” Xavier Reille, IFC’s country manager for the Maghreb said.
“Through this partnership with Dolidol, Proparco is pleased to contribute to the emergence of a pan-African leader in consumer goods. We are convinced that the private sector will offer capital support to the continent through this type of proactive projects in terms of economic development and boosting renewable energies,” Denis Sireyjol, Proparco’s director of industry, agriculture and services division said.
Fibre2Fashion News Desk (GK)