Following December’s news of Dolidol’s acquisition of Nigerian mattress-making business Mouka, details of a financing package from two development finance institutions emerged last week, part of which will be used to support the deal and help its success. International Finance Corporation and Proparco are providing Dolidol with €20 million of financing between them, the lion’s share of which, some €13.5 million, is being invested by IFC.
Morocco-based Dolidol will use the funding to execute its expansion plans in Nigeria which involve the acquisition of Mouka as well as bolstering its existing distribution network in the country. Some of the financing has also been earmarked for Dolidol’s plans to improve its energy and production efficiencies, thereby greening its operations in Morocco.
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