Moov Africa (IFC-46232)

  • Benin
  • Burkina Faso
  • Chad
  • Gabon
  • Ivory Coast
  • Mali
  • Morocco
  • Niger
  • Togo
Geographic location 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
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
Jul 27, 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.
Itissalat Al Maghrib
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Communications
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, guarantee, technical assistance, advisory services, equity and fund.
Loan Amount (USD)
$ 409.37 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 375
Converted using 2023-06-23 exchange rate.
Project Cost (USD)
$ 409.37 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 375
Converted using 2023-06-23 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jun 30, 2023

Disclosed by Bank Jun 23, 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, 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.

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

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 - Maroc Telecom:

François Vitte - Managing Director Administration & Finance
Phone: +212 537 285084
Address: Itissalat Al Maghrib, Avenue Annakhil Hay Riad, Rabat, Morocco


You can submit a request for information disclosure at:

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.


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 You can learn more about the CAO and how to file a complaint at

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