Rabat, Morocco: A financing package from IFC and Proparco will help Dolidol, a Moroccan manufacturer and distributor of polyurethane (PU) foam and bedding products, expand its production and sales to Nigeria, and green its operations in Morocco, creating hundreds of direct and indirect jobs in those countries.
IFC's €20 million financing package includes a loan of €13.5 million from IFC's own account and €6.5 million mobilized 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.
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," said Dolidol's CEO Mohamed Lazaar. "We hope to offer Nigerians affordable, high-quality beddings and develop our operations in the country while offering jobs, trainings and sustainable supply chains."
"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," said Xavier Reille, IFC's Country Manager for the Maghreb. "Our financing also supports regional integration through south-south business development, with a Moroccan company expanding its operations in Nigeria."
"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," said Denis Sireyjol, Proparco's Director of Industry, Agriculture and Services Division.
Dolidol was established in Morocco in 1972, and today employs over 1,000 people in Morocco and Côte d'Ivoire.
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit www.ifc.org.
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