UPM Maroc (IFC-40754)

  • Morocco
  • Senegal
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
Bank Risk Rating
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 7, 2019
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.
The holder of the loan, grant, or other investment.
  • Education and Health
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 15.91 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 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, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported 50000000
Converted using 2018-12-26 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jan 14, 2019

Disclosed by Bank Dec 26, 2018

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Project 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
  • International Finance Corporation (IFC)

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

Private Actors

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.

Contact Information

UPM Pedagogique S.A. 
Fatima-Zahra El Mehdi 
Operations Director 
+212 (0) 5 24 48 70 10 
42 312, Marrakech Morocco 

Local Access for Project Documentation:
Fatima-Zahra El Mehdi
+212 (0) 5 24 48 70 10


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