TUNISIA – One Tech Holdings, one of the leading producers and supplier of mechatronic products in Morocco and Tunisia, has secured €23 million from IFC to fund capacity expansion in its manufacturing plants in Tunis and Tangier.
Mechatronic products are high tech electrical components that include industrial cables and electrical, mechanical and robotic components used in the automotive, industrial and medical sectors.
IFC in a statement said that the funding will enable One Tech Holding acquire new capacity, more sophisticated technology and increase production of higher value-added products, as well as develop renewable energy.
With additional capacity and technology, IFC notes that One Tech Holding will spur job creation and economic growth in Tunisia and Morocco.
IFC noted that the One Tech capacity expansion project is expected to create more than 2,000 direct jobs and an estimated 2,400 indirect jobs in Tunisia and Morocco.
It further noted that the acquisition of new sophisticated equipment will increase the technical skills of One Tech Holding staff.
“IFC’s long term investment comes at a critical time when markets are seeing high volatility due to the COVID-19 pandemic,” Hédi Sellami, CEO of One Tech Holding, said
Sellami further noted that his company hoped to further integrate research and development into our operations to become a vital link in the regional manufacturing value chain.
IFC, the One Tech’s partner since 2008, is a sister organization of the World Bank and is the largest global development institution focused on the private sector in emerging markets.
The development financial institution works with more than 2,000 businesses worldwide, using its capital, expertise, and influence to create markets and opportunities where they are needed most.
“One Tech Holdings is a good example of Maghreb integration. It is a Tunisian company expanding in Morocco, creating jobs and helping to strengthen the automotive supply chain, which includes many small and medium-sized enterprises,” Xavier Reille, IFC Country Manager for the Maghreb.
IFC’s investment in One Tech Holding is part of a broader strategy to promote South-South expansion.
Last year, with IFC’s support, Turkish automotive seating manufacturer Martur expanded operations in Morocco.
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