UPM Maroc (IFC-40754)

Countries
  • Morocco
  • Senegal
Geographic location where the impacts of the investment may be experienced.
Specific Location
Casablanca, Marrakesh (Morocco) and Dakar (Senegal)
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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
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
Feb 7, 2019
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
UNIVERSITE PRIVEE DE MARRAKECH
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)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 15.91 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 14000000
Converted using 2018-12-26 exchange rate.
Project Cost (USD)
$ 56.80 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 50000000
Converted using 2018-12-26 exchange rate.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Jan 14, 2019

Disclosed by Bank Dec 26, 2018

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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.

UPM Pedagogique S.A. (“UPM”), UPM International S.A. (“UPI” together with UPM, the “Companies”) and their subsidiaries (together “UPM Group”), a Private Higher Education platform, based in Morocco and operating in Morocco and Senegal, have invited IFC to provide up to €14 million financing to support its growth in Morocco and Sub-Saharan African expansion, especially in Senegal (‘the Project”). The project cost, estimated at €50 million, is dedicated to the acquisition of Universite Internationale de Casablanca (“UIC”) in 2018, will support UPM’s development in Morocco, including the new medical faculty, and UPM Group’s expansion in Senegal through UPI (extension of the medical school).

UPM Group will use the main portion of the IFC Loan to expand organically in the educational health sector in Morocco (acquisition of medical equipment for the health faculty). The remaining of the IFC Loan will be used to expand the operations in the medical field in Senegal (extension of the campus and new dorms buildings).  

IFC will help upgrade reporting standards, management, oversight, and accountability.

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

 The total Project Cost is estimated at €50 million. The proposed IFC investment of €14 million is a Senior Loan

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

The Sponsor and founder is M. Mohamed KABBADJ, who has 30 years of experience in the education space in Morocco. UPM Group: belongs at 99.9% to KMR Holding Pedagogique, a Private Higher Education holding and platform, based in Morocco. Other shareholders of KMR Holding Pedagogique are African Development Partners Fund II (“ADP II”) managed by Development Partners International and Mediterrania Capital II, managed by Mediterrania Capital Partners.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - KMR Holding Pedagogique Parent Company -
- - - - UPM Group Client -

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.

UPM Pedagogique S.A. 
Fatima-Zahra El Mehdi 
Operations Director 
+212 (0) 5 24 48 70 10 
fz.elmehdi@upm.ac.ma 
42 312, Marrakech Morocco 
www.upmp.ac.ma

Local Access for Project Documentation:
Fatima-Zahra El Mehdi
+212 (0) 5 24 48 70 10
fz.elmehdi@upm.ac.ma 

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/

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