IFC finances One Tech with €23m to create jobs in Morocco and Tunisia
IFC, a member of the World Bank Group, announced it will provide €23 million in financing to Tunisian company One Tech Holding to spur job creation and economic growth in Tunisia and Morocco. The financing comes as both countries are grappling with the impact of the COVID-19 pandemic.
One Tech Holding, an IFC partner since 2008, is a key supplier of industrial cables and electrical, mechanical and robotic components known as mechatronic products used in the automotive, industrial and medical sectors. Its manufacturing plants in Tunis, Tunisia and in Tangiers, Morocco will benefit from IFC’s investment. The project is expected to create more than 2,000 direct jobs and an estimated 2,400 indirect jobs in Tunisia and Morocco and will increase the technical skills of One Tech Holding staff.
Hédi Sellami, CEO of One Tech Holding, said: “IFC’s long term investment comes at a critical time when markets are seeing high volatility due to the COVID-19 pandemic. IFC’s continued support will help our company acquire new capacity, more sophisticated technology and increase production of higher value-added products, as well as develop renewable energy. We also hope to further integrate research and development into our operations to become a vital link in the regional manufacturing value chain.”
Xavier Reille, IFC Country Manager for the Maghreb, said: “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.”
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.