GCF GEFF Regional FW - BMCE Bank - 2 (EBRD-50765)

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
Proposed
Bank Risk Rating
FI
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
Apr 25, 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
BMCE Bank
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 11.37 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 10
Converted using 2019-03-21 exchange rate.
Project Cost (USD)
$ 44.12 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 38.79
Converted using 2019-03-21 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Apr 5, 2019

Disclosed by Bank Mar 21, 2019


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Project Description

According to bank documents, the investment involves provision of a loan of up to EUR 10 million to BMCE Bank for on-lending to private sector borrowers for sustainable energy investments. A first tranche of EUR 5 million has already been approved and signed.

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

EBRD Finance Summary:
EUR 3,848,358.00

Total amount of EUR 10 million in two tranches :

tranche 1 - signed on 27/02/2019: EUR 5million (EBRD portion : EUR 3.75million, GCF portion: EUR 1.25 million),

tranche 2: EUR 5million (EBRD portion : EUR 3.75million in MAD equivalent, GCF portion: EUR 1.25 million).

Total Project Cost:
EUR 38,785,758.00

EBRD portion: EUR 3.75 million in MAD equivalent.

Private Actors
Contact Information

https://www.bmcebank.ma/
140 Avenue Hassan II Casablanca, Morocco

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.