BCP CMGP RSF (IFC-46178)

Regions
  • Middle East and North Africa
Geographic location where the impacts of the investment may be experienced.
Countries
  • Morocco
Geographic location where the impacts of the investment may be experienced.
Specific Location
Berrechid
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
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
Oct 6, 2023
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
Banque Centrale Populaire, Compagnie Marocaine de Goutte-a-Goutte et de Pompage
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
  • Energy
  • Industry and Trade
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)
$ 15.90 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 162
Converted using 2023-10-06 exchange rate.
Project Cost (USD)
$ 36.32 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 370
Converted using 2023-10-06 exchange rate.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Oct 12, 2023

Disclosed by Bank Sep 6, 2023

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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.

As stated by the IFC, the proposed investment consists of a package of two unfunded risk sharing facilities for up to MAD370 million (equivalent to US$ 36.7 million) to cover the risk of a portfolio of loans issued by Banque Centrale Populaire (BCP), to finance the acquisition of photovoltaic and drip irrigation equipment from the “Compagnie Marocaine de Goutte-a-Goutte et de Pompage” (CMGP) by farmers or distributors.

The credit lines issued by BCP will either be (i) term loans to farmers or (ii) working capital facilities to Very Small, Small and Medium Enterprises (VSE/SMEs) distributing CMGP’s products.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
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.

As stated by the IFC, Banque Centrale Populaire is the central entity of Banque Centrale Populaire group, a cooperative banking group headquartered in Morocco. BCP is listed on the Casablanca Stock Exchange since 2004. BCP’s main shareholders are the Banque Populaires Régionales that collectively own 34.6% of the capital of the Bank. Other shareholders include Caisse Interprofessionnelle Marocaine de Retraite (CIMR, 14.9%), BCP Group employees (5.4%), BPCE (4.1%), and other institutional investors (28.6%). 12.4% of the capital of BCP is free float on the Casablanca Stock Exchange.

CMGP is established in Casablanca, Morocco since 1995 and specializes in the import, manufacturing, distribution, and installation of irrigation products (https://cmgp-cas.com/). The Company commercializes equipment manufactured in its SICDA factories (SICDA I, II and III) based in the Berrechid region, 16 km south of Casablanca. The factories manufacture irrigation equipment and piping, including polyvinyl chloride, polyethylene pipes and accessories used for water supply, urban sewerage, agriculture, or buildings, with a total annual production capacity of 35,000 tons of piping and a logistic platform of 80,000 m².Over the last 5 years, CMGP has expanded its business to become ‘CMGP Group’, via horizontal integration with PHILEA in 2018 and ‘Comptoir Agricole du Souss’ in 2021, both specialized in the agro-supply sector. By doing so, the Group has expanded its scope of activities to the storage and trade of Crop Protection Products (CPP), including pesticides, herbicides, and fungicides. IFC will not finance CPP distribution to the beneficiaries of this proposed investment. 

CMGP Group is currently owned by (i) African Development Partners II, a DPI fund; (ii) Africa Agriculture and MPEF IV, two AfricInvest funds; (iii) FIPAR; (iv) Mr. Youssef Moamah; and (v) Mr. Jacques Alleon.


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.

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

Client - Compagnie Marocaine de Goutte-a-Goutte et de Pompage:

Younes Alabadan - Deputy General Manager
Phone: +212 (0) 5 22 49 56 10
Email: y.alabadan@cmgp.com
Address: Parc Industriel Sapino 102 - 105 Nouaceur, 20240 – Casablanca – Maroc
Website: https://cmgp-cas.com/ 

Financial Intermediary - Banque Centrale Populaire:

Website: https://www.groupebcp.com/en

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

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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