DFF - Landor (Morocco) Expansion



Project number:


Business sector:


Notice type:


Environmental category:


Approval date:

07 Dec 2021



PSD disclosed:

14 Dec 2021

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

Provision of up to MAD 36.9m (EUR 3.5m equivalent) senior secured loan to Landor Maroc Industries (the "Borrower" or "LMI") to partially fund its capex program and working capital needs. LMI is the Moroccan subsidiary of Landor SA ("Landor" or the "Sponsor").

Project Objectives

The Project aims to partially finance (i) new equipment related to cheese slices, triangle cheese, and sauces, (ii) building and storage capacity extension, and (iii) working capital needs related to LMI operations.

Transition Impact

ETI score: 72

The ETI score is 60 (EBRD system indicates a different rating due to ongoing issues with the system).

The Project's transition impact is expected to derive from its competitive and integrated qualities, namely through: (i) new products, such as sliced cheese and further increase Landor penetration of the Moroccan market; and (ii) support the Sponsor's international investment and progressive transformation into a regional player.

Client Information


Sponsor: Landor SA ("Landor" or the "Sponsor") is a Tunisian joint-stock company, and one of the leading local processed cheese producers, with a wide range of products for mass consumption  and Hotels-Restaurants-Catering segment. Landor was created in 1994 by Dr Hatem Denguezli and has been listed on the Tunis Stock Exchange since 2013. Landor and its subsidiaries have 456 employees in total.

Borrower: Landor Maroc Industries is the recently established subsidiary of Landor SA in Morocco that will own and operate a new cheese processing plant in Morocco.

EBRD Finance Summary

MAD 36,900,000.00

Total Project Cost

MAD 104,400,000.00


Financing Structure: The multi-currency loan structure offered to Landor SA and LMI is hardly available on both Tunisian and Moroccan markets.

Environmental and Social Summary

Categorised B (2019 ESP). In-house due diligence was carried out by means of review of the Questionnaire, the 2020 Annual Environmental and Social Report (AESR) and the information package supplied by the client. The environmental and social impacts associated with the extension of the cheese production plant under construction in Morocco have been identified and will be managed by the implementation of an Environmental and Social Action Plan (ESAP) agreed for the first transaction and updated for the new transaction. The results of the environmental and social due diligence (ESDD) indicated that Landor is well managed, has done some progress with the implementation of the initial ESAP, and has the internal capacity to operate in line with the Performance Requirements. Discussions with the client confirmed that the  new facility in Morocco is expected to meet EU substantive environmental standards from the outset - and more specifically the Best Available Technique (BAT) for Food, Drink and Milk Industries (for the process), as well as the EU Medium Combustion Plant Directive (for the boilers). This will be confirmed through on-site monitoring during the first year of operation. The project is considered aligned with the objectives of the Paris Agreement.


The Environmental Impact Assessment required by the Moroccan legislation for the new plant has been completed in 2020 and the Environmental permit was received. Landor is planning to obtain ISO14001, ISO45001 and FSSC 22000 (food safety) certifications in 2023. The Code of Conduct for Suppliers already in place in Tunisia (covering human rights, integrity, child and forced labour, non-discrimination, working hours and wages, H&S and environment) will also be implemented in Morocco. Landor will follow the Moroccan Labour Code and the Human Resources policies already in place in Tunisia (that were found aligned with PR2 during the ESDD for the first transaction). 

The land has been purchased in an industrial area from the State. According to Landor, there was no previous site user. The plant is currently under construction (almost completed). Landor included health and safety considerations in the contractual agreements with contractors in charge of the construction of the new plant in Morocco; client's staff conduct the supervision of works. The Emergency Response Plan is under development. Landor will own 60 trucks to distribute final products in Morocco; the ESAP requires developing and implementing a Road Traffic Safety Management System.


Waste management will include recycling of some non-hazardous waste (cardboard, aluminium, plastic), treatment by licensed contractors for oily waste and batteries, and destruction of microbiological waste and old cheese. Wastewaters will be pre-treated on site (to ensure DCOl300mg/L) and then treated at the industrial area waste water treatment plant, before discharge to natural environment. Two gas-fired boilers (2 MW each) will be installed. Water consumption ratio is predicted to 3m3 of water per ton of product, and wastewater discharge ratio is predicted to 2.3 m3 of wastewater per ton of product).

The ESAP agreed with Landor in January 2020 for the first transaction covers the risks of this new transaction; one action has been added to confirm alignment with the BAT after one year of operation.  

The Bank will continue monitoring implementation of the ESAP through review of AESR and communications with the company as necessary.


Technical Cooperation and Grant Financing

The transaction's preparation will be supported with SBI TC funds, which will cover up to 50% of the legal due diligence costs. The remaining 50% will be covered by the Client. SBI TC funds are funded by EBRD SSF.


Company Contact Information

Ridha Chouria
+216 71 366 666

Implementation summary

PSD last updated

14 Dec 2021

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.


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