GCF GEFF FW - Morocco II - CIH Bank (EBRD-52688)

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
Jul 21, 2021
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
Credit Immobilier et Hotelier 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 Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 22.25 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 18,750,000.00
Converted using 2021-07-05 exchange rate.
Project Cost (USD)
$ 29.66 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 25,000,000.00
Converted using 2021-07-05 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jul 7, 2021

Disclosed by Bank Jul 5, 2021


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Project Description

According to bank provided information, the investment involves the provision of an EUR 25 million unsecured loan under the GCF GEFF Regional- Morocco II framework to CIH Bank (Credit Immobilier et Hotelier, "CIH"). The proceeds of the GCF GEFF loan will be on lent to private companies to finance Green Economy investments in climate change mitigation and adaptation technologies.

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Financial Intermediary
A financial intermediary is a commercial bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds.
Contact Information

Fakhir Zohra
Zohra.Fakhir@cihbank.ma 
+212 5 22 47 94 28
https://www.cihbank.ma/ 
187 Ave Hassan II, Casablanca 20000

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request 

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 at: 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