SATURN (IFC-49614)

Regions
  • 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.
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
A
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
Dec 9, 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
Holmarcom Finance Company
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 134.96 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.
Primary Source

Original disclosure @ IFC website

Updated in EWS May 25, 2025

Disclosed by Bank Apr 23, 2025

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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 project consists of an IFC equity investment in Holmarcom Finance Company S.A. (“HFC”) to finance the Company’s growth and expansion strategy in Morocco and Sub-Saharan Africa.

The most significant expected Project-level outcome is the growth of (i) credit for Small and Medium Enterprises (“SMEs”), including women-owned SMEs (“WSMEs”) and climate finance, and (ii) life and non-life insurance, including for women, and takaful. Beyond the Project, IFC anticipates that it will promote the sustainability of the financial markets in Morocco by supporting the growth of gender-based financial and insurance products and services.

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.

The project is categorized as FI-1 (high risk) according to IFC’s Sustainability Policy. HFC, through its affiliates, operates in the banking and insurance segments through Crédit du Maroc (the Bank) and Holmarcom Insurance Activities (HIA), respectively. The E&S risk of Crédit du Maroc’s portfolio is considered high as it has exposures to corporate loans and to business activities with potential adverse environmental and social risks, including energy, construction and public works, and heavy industries. HIA, through its affiliates, offers individual and corporate insurance products to clients in Morocco and Côte d'Ivoire with expansion plans to other African countries. The insurance portfolio risk is considered medium although the insurance affiliates may provide certain insurance products such as marine, engineering and fire risk insurance or guarantees and performance bonds that could potentially have higher E&S risk profile.

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

The equity investment consideration is MAD1.35 billion in common shares.

IFC's Investment as Approved by the Board: Equity 134.96 million (USD)

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.

Holmarcom Group is a family-owned diversified conglomerate with activities across four lines of business, financial services, agro-industry, distribution & logistics and real estate, in Morocco and Sub-Saharan Africa.

In 2019, Holmarcom created Holmarcom Finance Company (HFC). HFC is 100%-owned by Holmarcom (pre-IFC investment) and is dedicated to consolidating the Group’s activities in the financial sector.


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.

Holmarcom Finance Company
Lamiae Kendili
Directeur General Adjoint
+212 (0)5 22 31 07 01
lamiae.kendili@holmarcom.ma
20, rue Mustapha El Maâni, Casablanca, Maroc
https://www.holmarcom.ma/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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