Al Dahra Morocco (EBRD-50406)

Countries
  • Morocco
Where the impacts of the investment may be experienced.
Specific Location
Fez-Meknes
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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
Proposed
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 13, 2019
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
Al Dahra Morocco & Al Dahra Morocco Factories
The holder of the loan, grant, or other investment.
Sectors
  • Agriculture and Forestry
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)
$ 5.67 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 MAD 55,000,000.00
Converted using 2019-10-10 exchange rate.
Project Cost (USD)
$ 5.67 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 MAD 55,000,000.00MAD 55,000,000
Converted using 2019-10-10 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Oct 16, 2019

Disclosed by Bank Oct 10, 2019


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Project Description

According to bank documents, the investment involves, provision of up to MAD 55m (EUR 5m equivalent) long-term loan to Al Dahra Morocco ("ADMO") and Al Dahra Morocco Factories ("ADFAC"), two companies organised in Morocco. The Co-Borrowers are owned by Al Dahra Holding, a leading global agribusiness player, headquartered in Abu Dhabi, United Arab Emirates, and specialised in the cultivation, production and trading of animal feed and essential human food commodities such as rice, flour, fruits and vegetables.

Proceeds from the Loan will enable the Co-Borrowers to finance the construction and commissioning of a new olive oil factory in the Fez-Meknes region in Morocco, for a total cost of up to MAD 55m (EUR 5m equivalent). The Project will enable Al Dahra to leverage on their existing olive farms in the Fez-Meknes region and aggregate other olive farmers in the region, to integrate downstream into production of olive oil mainly targeting the export market.

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Private Actors

ADMO and ADFAC are dedicated to the farming and production of fruits and olives and will start shortly the production of olive oil.

Al Dahra Holding is a global agribusiness player, founded in 2005 with headquarters in Abu Dhabi, UAE. The Group has significantly grown since to become one of the largest global producers of alfalfa (main forage for livestock) and to diversify further into grains, rice, and fruits and vegetables production and trading. As a result, the Group has now presence in more than 20 countries and a global workforce of 5,000 employees.

Contact Information

Gianluca Elmosi
gianluca.elmosi@aldahra.com
+971 2 656 5078
+971 2 656 5078
www.aldahra.com
Al Ain Tower, 130455, Abu Dhabi, UAE

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.