As stated by the IFC, Itissalat Al Maghrib (Maroc Telecom) is the incumbent telecommunications provider in the Kingdom of Morocco. It has established itself as a regional operator with ten subsidiaries in Sub-Saharan Africa serving over 75 million customers, collectively the “Maroc Telecom Group” or the “Group.”
The proposed IFC investment consists of eight individual loans for an aggregate amount of up to EUR375 million comprising of an A Loan of up to EUR234 million and up to EUR141 million in mobilized funding. Each loan will be backed by the Sponsor and be made available to the Group’s subsidiaries in Benin, Burkina Faso, Chad, Côte d’Ivoire, Gabon, Mali, Niger and Togo with loan proceeds being used to (i) refinance existing debt, and (ii) fund maintenance and expansionary capital expenditures including license acquisition and renewals.
As stated by the IFC, Maroc Telecom is majority owned (53%) by e& (previously known as Etisalat Group), a United Arab Emirates-based multinational technology and telecommunications operator that serves more than 160 million subscribers across the Middle East, Africa and Asia. The Kingdom of Morocco is the Sponsor’s second largest shareholder with a 22% stake. Other shareholders include senior management (0.04%) and 0.01% are held as treasury stock. The remaining 24.95% of Maroc Telecom’s shares are publicly traded on the Casablanca and Paris Stock Exchanges.
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
|e& (Emirates Telecommunications Group Company PJSC)||Parent Company||Communications||owns||Maroc Telecom (Itissalat Al Maghrib)||Client||Communications|
General IFC Inquiries - IFC Communications:
Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384
Client - Maroc Telecom:
François Vitte - Managing Director Administration & Finance
Phone: +212 537 285084
Address: Itissalat Al Maghrib, Avenue Annakhil Hay Riad, Rabat, Morocco
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