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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