Fondep IS III (IFC-37322)

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.
Borrower
Fondation Albaraka
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)
$ 10.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Sep 23, 2017

Disclosed by Bank May 13, 2016


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Project Description
Fondation Albaraka is the 3rd largest microfinance institution in Morocco and serves 144,036 clients (of which 51% are women) through 187 branches. The proposed project is to provide a senior loan to Fondation Albaraka.
Investment Description
  • International Finance Corporation (IFC)
Contact Information
Company Contact Information Mr. Driss Bennani Deputy General Manager – Fondation Albaraka Immeuble Saraya, angle Boulevard Riad et Avenue Al Arz Rabat, Morocco Telephone: +212 537-57-57-50 Website: http://www.albaraka.ma Accountability Mechanism of the 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/