Credit Agricole du Maroc - Earthquake response (EBRD-55051)

Countries
  • Morocco
Geographic location 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
May 24, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
CREDIT AGRICOLE DU MAROC SA
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 27.03 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 25
Converted using 2024-03-27 exchange rate.
Project Cost (USD)
$ 27.03 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 25
Converted using 2024-03-27 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Apr 25, 2024

Disclosed by Bank Mar 27, 2024

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, EBRD is considering the provision of a senior unsecured loan of up to EUR 50 million to be provided in 2 equal tranches of EUR 25 million in MAD equivalent, in favour of Credit Agricole du Maroc ("CAM"), a limited liability company, to support MSMEs, with a focus on the ones located in the regions affected by the 8th September 2023 earthquake.

The project will contribute to building a more competitive and resilient economy in Morocco by supporting SME financing. A special focus will be given to distribution of funds in the regions and outreach to new customers. Moreover, the project will support access to finance for MSMEs in the regions affected by the 8th September 2023 earthquake.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

EUR 25,000,000.00. Loan in the amount of up to EUR 50 million to be provided in 2 equal tranches of EUR 25 million in Mad equivalent.

Total Project Cost: EUR 25,000,000.00 (Up to EUR 50 million).

Financial Intermediary
A financial intermediary is a 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 Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

CREDIT AGRICOLE DU MAROC SA - CAM is the 4th largest Moroccan bank by assets at YE2023. The bank operates exclusively in Morocco through a network of ~500 branches and employs ~4,000 staff.

CAM is majority-owned by the Moroccan State (75%), followed by the state-owned pension fund CDG (10%). Two Moroccan private insurance companies (MAMDA/MCMA) hold the remaining 15% of the capital. Current legislation requires the State to hold at least 51% of CAM's shares, while no other shareholder may own more than 15% of the bank's capital. However, CAM has been a joint-stock company since 2003 and is subject to the same regulations and prudential requirements as other private Moroccan banks.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

COMPANY CONTACT INFORMATION

Sanaa Bellamine
0537217188
https://www.creditagricole.ma/fr
Place des alaouites B.P 49 10000

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

How it works

How it works