Original disclosure @ EBRD website
Updated in EWS Nov 1, 2022
Disclosed by Bank Oct 28, 2022
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According to bank provided information, the project involves the provision of an investment of up to MAD 400 million (EUR 37m equivalent) in favour of the City of Agadir (the City or Agadir), one of the major cities of Morocco and the capital city of Souss Massa Region. The investment will entail the subscription to a local currency senior unsecured bond for up to MAD 1 billion (EUR 93 million equivalent) through a private placement.
The Bond proceeds will be used to finance the city's contribution to fund infrastructure projects under its 2020-2024 strategic investment plan also known as Urban Development Program (the PDU) and to refinance existing loans. The investment will contribute to the creation of Morocco's domestic municipal bond market with the issuance of the first municipal bond by a local authority in Morocco.
*Contact information not provided at the time of disclosure*
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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: firstname.lastname@example.org 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