OCP SA - UM6P Project (MIGA-14955)

Countries
  • Morocco
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Multilateral Investment Guarantee Agency (MIGA)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
May 9, 2022
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Credit Agricole Corporate and Investment Banking
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Education and Health
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 602.11 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 570
Converted using 2022-05-09 exchange rate.
Bank Documents
Primary Source

Original disclosure @ MIGA website

Updated in EWS Nov 2, 2022

Disclosed by Bank Sep 13, 2022

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to bank provided information, the Multilateral Investment Guarantee Agency ("MIGA") a member of the World Bank Group, issued on May 09, 2022 a Non-Honoring of Financial Obligations by a State-Owned Enterprise ("NHFO-SOE") guarantee to Credit Agricole Corporate and Investment Bank and BNP Paribas SA amounting to EUR570 million and covering their financing to OCP SA, Morocco's largest SOE. The proceeds of the MIGA-guaranteed loan will be used for the financing of the construction of a new campus located in Rabat of the Mohammed VI Polytechnic University (UM6P). The maturity of the MIGA-guaranteed loan is 10 years.

UM6P is a higher education institution offering multidisciplinary vocational and technical training to Moroccan and other African youth. UM6P is fully owned by OCP SA through its foundation, OCP Fondation, and operates a first campus since 2015 in Benguerir Mohammed VI Green City with current enrollment of more than 2,000 students. The Project involves the expansion of UM6P through the construction of a new campus with a contemplated capacity of 2,000 students in the municipality of Hssaine, in Sale prefecture near the city of Rabat that will host the Faculty of Governance, Economics and Social Sciences, the School of Hospitality Business and Management and a Moroccan International Center of Artificial Intelligence. In addition to the academic buildings, the Project will include several other facilities such as multisport centers, digital learning laboratories, a language center and accommodations offering the students a comprehensive learning environment and a wide range of services.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

UM6P Communications Department 

E-mail: communication@um6p.ma 

Phone: +212 525 073 100 

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://www.miga.org/contact/access_to_information 

You can also request general information about MIGA and for information on guarantees by emailing: migainquiry@worldbank.org 

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org 

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How it works