The European Bank for Reconstruction and Development (EBRD) has agreed to provide a €6mn ($7.2mn) senior secured loan, with a year-and-a-half grace period, to Lamatem to support a new capex programme for the production of medical garments and single-use personal protective equipment, in response to changing markets demand caused by the coronavirus (COVID-19) pandemic.
Lamatem's existing facility that produces high-end medical garments was supported by a first EBRD loan to the tune of €7.7mn extended in 2019. The facility started operations in the third quarter of 2019, mainly as a toll manufacturer for Molnlycke, a leading global supplier of medical solutions based in Sweden. In response to the changing market environment, Lamatem has now launched a new capex programme to meet increasing demand from Moroccan clinics and its new European clients. The programme also includes new product segments which require a sterilisation process.
Lamatem is an export-oriented company established in 2016 near Casablanca to produce high-end medical garments, fully owned by the Badaa family. The total project cost for the existing and new facility is €20.7mn supported by €12.7mn financing from EBRD.
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