On 8 December 2017, the European Investment Bank (EIB) and AGC Automotive Induver Morocco announced that they had signed a EUR 56m finance contract for the construction of a new automotive glass factory in the presence of Roman Escolano, EIB Vice-President, Hakim Abdelmoumen, General Manager of AGC Automotive Induver Morocco and Chairman of the Moroccan Automobile Industry and Trade Association (Association Marocaine pour l'Industrie et le Commerce de l'Automobile - AMICA), and Gauthier Delmarre, Plant Manager of AGC Automotive Induver Morocco.

On 8 December 2017, the European Investment Bank (EIB) and AGC Automotive Induver Morocco announced that they had signed a EUR 56m finance contract for the construction of a new automotive glass factory in the presence of Roman Escolano, EIB Vice-President, Hakim Abdelmoumen, General Manager of AGC Automotive Induver Morocco and Chairman of the Moroccan Automobile Industry and Trade Association (Association Marocaine pour l'Industrie et le Commerce de l'Automobile - AMICA), and Gauthier Delmarre, Plant Manager of AGC Automotive Induver Morocco.

The project consists of the construction of a tempered and laminated automotive glass factory in Kenitra. The factory will produce complete systems of windscreens, side windows and rear lights for cars and light vehicles. It will have a start-up capacity of 600 000 car-sets a year, growing gradually to almost 1.1 million car-sets a year.

The objective of the factory, which is expected to employ around 625 people by 2022, is to penetrate the North African market and better serve the Southern European markets, while strengthening the AGC Group’s position at the European level.

EIB Vice-President Roman Escolano welcomed the signature, saying: “I am delighted to sign this finance contract with AGC Automotive Induver Morocco, which reflects the EIB's firm commitment to supporting Morocco’s automobile sector over the long term. We are focusing on this industry as it is a driver of future economic development. It will generate jobs and high levels of expertise with a direct impact on the competitiveness of the Moroccan economy.”

As part of the EIB’s activity to assist the Moroccan industrial sector, the Bank is meeting the need for long-term support, with this new loan following on from operations to enhance logistical aspects (Tanger-Med project) and industrial infrastructure (financing of technopoles).

The EIB considers private-sector support to be essential, particularly in conjunction with the Bank's new Economic Resilience Initiative aimed at strengthening resilience in the Southern Neighbourhood by modernising and developing economic and social infrastructure and by stimulating sustainable growth and job creation.