The quasi-equity financing is comprised of a US$12 million mezzanine loan – from IFC’s accounts – and a US$12 million mezzanine loan – through its syndication program.

IFC’s investment enables Zalar Agri to expand its fruit growing and packing operations, continue its agricultural diversification and create both permanent and seasonal jobs across several regions of Morocco, in a sector that accounts for more than 35% of the Kingdom’s employment.

ASAFO & CO. advised Zalar Agri on the legal aspects, with a team led by Patrick LARRIVÉ (Partner), accompanied by Othman BELOUIZ (Senior Associate), based in Casablanca. The investment bank Ascent Capital Partners advised Zalar Agri on the financial aspects.

Gide Loyrette Nouel advised the International Finance Corporation (IFC) on the legal aspects of the operation.

Patrick LARRIVÉ, Managing Partner of the Casablanca office: “We are delighted to have assisted Zalar Agri in raising a $24 million quasi-equity financing from the IFC, which enables this leader in the Moroccan agricultural sector to develop its activities further and continue to contribute to the sustainable and inclusive growth of Morocco’s rural areas.”