CMT HSE Loan (EBRD-48381)

Countries
  • Morocco
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
B
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
Nov 16, 2016
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.
Borrower
Compagnie Miniere de Touissit
The holder of the loan, grant, or other investment.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 30.52 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 EUR 28,000,000
Converted using 2017-04-26 exchange rate.
Project Cost (USD)
$ 37.06 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 EUR 34,000,000
Converted using 2017-04-26 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Sep 22, 2017

Disclosed by Bank Oct 3, 2016


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Project Description
The Project supports a mine modernization plan with procedures and infrastructure upgrade, including the construction of a new shaft in the main vein of the Tighza mine and important improvements in health, safety and environment ("HSE") management at the mine. Such Project at completion will significantly improve the underground mining infrastructure, working conditions and increase productivity. The Project is expected to have positive transition impact through: (i) supporting private sector development in the Moroccan mining industry; (ii) demonstration of successful implementation of HSE best international practices aligned with ISO 14001 and OHSAS 18001 standards (iii) Promoting infrastructure upgrade to improve the company's production capacity and workers' working conditions (iv) Launching a policy dialogue effort.
Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Contact Information
ACCOUNTABILITY MECHANISM OF EBRD The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.