Banque Marocaine du Commerce Exterieur (FMO-53688)

Countries
  • Morocco
Where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
A
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, 2017
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 Marocaine du Commerce Exterieur
The holder of the loan, grant, or other investment.
Sectors
  • Water and Sanitation
The service or industry focus of the investment. A project can have several sectors.
Ring Fence
  • No Restrictions
A financial intermediary is a commercial bank or financial institution that receives funds from a development bank, sometimes for a specific lending purpose. A "ring fence" is another name for this specific purpose. These funds are then used for lending by the financial intermediary to client companies or individuals.
Investment Amount (USD)
$ 0.11 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ FMO website

Updated in EWS May 20, 2021


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Project Description

The objective of this project is to provide a TA package of end-to-end support to BMCE in developing a sustainable, profitable, and successful line of waste management projects.

The project will help develop a profitable, professional Moroccan waste management sector, which will contribute to environmental, societal, and economic benefits including decreased pollution from dumpsites, avoided GHG emissions, and an increase in formally recognized jobs.

Investment Description

The objective of this project is to provide a TA package of end-to-end support to BMCE in developing a sustainable, profitable, and successful line of waste management projects.

Financial Intermediary
Financial Intermediary: A commercial 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 Actor Relationship

There is often limited information publicly available about what development banks are funding through financial intermediaries. In 2021, the Early Warning System partnered with Oxfam International to incorporate information on high-risk projects being funded by financial intermediaries receiving funding from the International Finance Corporation (IFC) and the Dutch Development Bank (FMO).

The information listed below describes the relationship between the different private actors linked to high-risk sectors and subprojects of IFC and FMO's financial intermediary investments and/or the financial intermediary's parent companies made from 2017 through 2020, including any associated ring fences.

The database, however, does not explicitly or implicitly imply that IFC or FMO have material exposure to or are contractually or legally accountable to the sub-projects financed by their financial intermediaries or the financial intermediary's parent companies. It only shows a seemingly financial relationship among the different private actors, the financial intermediaries, and IFC or FMO.

Private Actors Description

Established in 1959, Banque Marocaine du Commerce Exterieur (‘BMCE’) is Morocco’s 3rd largest bank by total assets. BMCE has established a reputation as a leader in the Moroccan banking sector and is known for its pioneering initiatives in the field of sustainable banking and green finance.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
BMCE Group Investor Finance invests in China Sonangol Intl Hldg Client Mining
BMCE Group Investor Finance invests in CMDT Parent Company Industry and Trade
BMCE Group Investor Finance invests in Egyptian Electricity Holding Parent Company Energy
BMCE Group Investor Finance invests in Elecnor Parent Company Energy
BMCE Group Investor Finance invests in Elecnor Refinancing 2017 Client Energy
BMCE Group Investor Finance invests in FCC Client Construction
BMCE Group Investor Finance invests in Inmobiliaria Carso SA de CV Parent Company Construction
BMCE Group Investor Finance invests in Parc Eolien De Taza SA Parent Company Energy
BMCE Group Investor Finance invests in Sonangol Sociedade Nacional Parent Company Mining
Elecnor Parent Company Energy owns Elecnor Refinancing 2017 Client Energy
Inmobiliaria Carso SA de CV Parent Company Construction owns FCC Client Construction
Sonangol Sociedade Nacional Parent Company Mining owns China Sonangol Intl Hldg Client Mining

Contact Information

No contact information provided at the time of disclosure. 

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism