GCF GEFF Regional - Morocco Value Chain - BCP (EBRD-51002)

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
Dec 11, 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
Banque Centrale Populaire
The holder of the loan, grant, or other investment.
Sectors
  • Finance
  • Technical Cooperation
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)
$ 25.31 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 22,500,000.00
Converted using 2019-07-11 exchange rate.
Project Cost (USD)
$ 33.75 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 30,000,000.00
Converted using 2019-07-11 exchange rate.
Other Related Projects
Primary Source

Original disclosure @ EBRD website

Updated in EWS Nov 11, 2019

Disclosed by Bank Nov 7, 2019


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Project Description

According to bank documents, the investment involves provision of up to EUR 40 million green financing package to Banque Centrale Populaire ("BCP") which will be co-financed by Green Climate Fund.

The EBRD loans will enable BCP and its leasing subsidiary Maroc Leasing to on-lend to eligible private sub-borrowers (i) to implement green investments in energy efficiency, renewable energy, and climate resilience measures and (ii) to boost the competitiveness of Small and Medium Enterprises part of a value chain.

The project supports the Green TI quality by facilitating the direction of funding towards climate technologies and services in eligible sectors that will drive the transition to environmentally sustainable, low-carbon and climate-resilient economy in Morocco.

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

Senior unsecured loan of up to USD 40 million, out of which i) up to EUR 30 million is expected to be co-financed by EBRD and ii) up to EUR 10 million is expected to be co-financed by Green Climate Fund.

The package will comprise:

      i.        a loan in the amount of up to EUR 10 million equivalent under the GCF GEFF Regional Framework ("GCF GEFF"), of which i) up to EUR 7.5 million equivalent is expected to be financed by EBRD and ii) up to EUR 2.5 million equivalent is expected to be co-financed by the Green Climate Fund;

     ii.        a loan in the amount of up to EUR 30 million equivalent under the GCF GEFF Regional - Morocco Value Chain Framework ("GVC"), of which i) up to EUR 22.5 million equivalent is expected to be financed by EBRD and ii) up to EUR 7.5 million equivalent is expected to be co-financed by the Green Climate Fund;

Private Actors

BANQUE CENTRALE POPULAIRE DU MAROC

BCP is the second largest bank in Morocco in terms of lending with a market share of 24% and operates an extensive branch network throughout Morocco with around 1,500 branches.

Contact Information

Mr Mir Abdelkrim
AMir@cpm.co.ma
+212 522 46 94 50
www.gbp.ma
Banque Centrale Populaire 101, Bd. Mohamed Zerktouni 20 100 Casablanca

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.