Al Amana IS II (IFC-37152)

Regions
  • Middle East and North Africa
Where the impacts of the investment may be experienced.
Countries
  • Morocco
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Feb 3, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
ASSOCIATION AL AMANA POUR LA PROMOTION DES MICROENTREPRISES
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 6.67 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 6 million
Converted using 2016-02-03 exchange rate.
Project Cost (USD)
$ 6.67 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported EUR 6 million
Converted using 2016-02-03 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 31, 2018

Disclosed by Bank Nov 9, 2015


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Project Description

This project funds Al Amana, a Moroccan micro-finance institution. Al Amana will use the funds to provide loans towards low and middle income entrepreneurs in Morocco.

People Affected By This Project

Job Creation and Poverty reduction: The proposed investment is expected to have a high impact in facilitating micro and small enterprises access to finance - an area of key strategic priority for IFC. As IFC assists Al Amana to increase and diversify its sources of funding, in a difficult economic and sector context, the project addresses the need to serve those segments of the population that lack the most access to credit; hence seeking to (i) reduce income disparities in the country, and (ii) contribute to job creation.

Demonstration Effect and Sector Development: The proposed IFC loan, in a liquidity shortage context, will send a strong signal to international investors and local commercial banks, which will help mobilize additional sources of funding to Al Amana and the sector.

Investment Description
  • International Finance Corporation (IFC)
Private Actors

Al Amana is the largest microfinance institution (MFI) in Morocco with over 38% market share, and one of the largest MFI in the MENA Region. It was established in 1997 with equity granted by US Agency for International Development to focus on provision of micro credit to the rural areas of Morocco. Volunteers in Technical Assistance, a US based development NGO, provided initial project design and management expertise. Following the passage of Morocco's Microfinance Law in 1999, Al Amana was registered with the ministry of finance as a non-profit association for the promotion of micro enterprises with tax free status. Al Amana's target group includes low or middle income entrepreneurs and micro enterprises which do not have access to financing from Morocco's financial sector.

Contact Information

Project Inquiries:
Mr. Youssef Bencheqroun
Chief Executive Officer
Al Amana

Cité Yacoub ElMansour,
40 Avenue Al Fadila,
Rabat 10130, Morocco
Telephone: +212 537 289 500
Fax: +212 537 289 411/12/13

ACCOUNTABILITY MECHANISM OF IFC

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/