RH Africa (IFC-46381)

Countries
  • Ivory Coast
  • Morocco
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
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
Jan 5, 2024
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
Retail Holding S.A.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 56.00 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.
Project Cost (USD)
$ 56.00 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.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 28, 2024

Disclosed by Bank May 13, 2024

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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.

According to the Bank’s website, the proposed investment comprises (i) an equity investment of up to MAD410 million (approximately US$41 million equivalent) in Retail Holding SA (RH, or Group); and (ii) an equity investment of up to US$15 million in Compagnie de Distribution de Cote d'Ivoire (CDCI). This will support the Group's operations through (i) the purchase of a minority stake of common shares in the Group from exiting financial investors alongside other investors and (ii) the subscription of common shares in CDCI to finance an organic expansion plan. IFC's investment will contribute to the Group's objective to expand and strengthen RH's regional presence in Morocco and Cote d'Ivoire.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

This is a Category B project according to IFC’s Policy on Environmental and Social Sustainability. Key E&S risks and issues related to this project include: (a) RH’s and its subsidiaries capacity and systems to manage its social, environmental, health and safety aspects of its operations (stores, warehouses and other locations) in compliance with legal requirements as well as IFC Performance Standards and World Bank Group (WBG) EHS guidelines; (b) E&S screening and potential stores and their locations; (c) life and fire safety (LFS) and emergency response management for all stores as per WBG EHS guidelines; (d) assurance of fair, safe and healthy working conditions for its workforce (both employees and third party workers); (e) waste management; (f) compliance with IFC PSs in the supply chain; and (g) traffic and security management.

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

 The total Project cost is estimated at US$56 million broken down into two equity components: (i) an equity investment of up to MAD410 million (approximately US$41 million equivalent) in Retail Holding SA (RH); and (ii) an equity investment of up to US$15 million in Compagnie de Distribution de Cote d'Ivoire (CDCI).

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.

Retail Holding is a leading diversified Moroccan investment holding company operating in fast-moving consumer goods and food retail. RH and its subsidiaries hold strong positions in high-growth markets in Morocco. Based in Rabat, the Group has grown steadily since its establishment in 1985 to become a significant economic player and one of the leading employers in Morocco's private sector, with nearly 12 thousand employees. The Group also has a presence in Cote d'Ivoire, through CDCI.

The Group is majority owned by Best Financière (50.6%) and whose beneficial owners are two Moroccan families, the Bennani and Hadni families. 

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Compagnie de Distribution de Cote d'Ivoire Client -
- - - - Retail Holding S.A. 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.

Retail Holding S.A.
Mr. Abdelmoula Maachi
Director of Investments
+212 5 37 56 95 95
a.maachi@labelvie.ma
Angle avenue Mehdi Benbarka et avenue Annakhil, Espace les lauriers, Hay Ryad Rabat.
www.labelvie.ma

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

How it works

How it works