Early Warning System

Regions

Middle East and North Africa

Geographic location where the impacts of the investment may be experienced.

Countries

Morocco

Geographic location where the impacts of the investment may be experienced.

Specific Location

Region of Casablanca-Settat

Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.

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

Approved

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

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

Jun 11, 2025

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

Government of Morocco - Ministry of Economy and Finance

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Finance
Law and Government

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)

$ 43.82 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 400
Converted using 2025-06-11 exchange rate.

Project Cost (USD)

$ 109.54 million

Bank Documents

Primary Source

Original disclosure @ EBRD website

Updated in EWS Jun 25, 2026

Disclosed by Bank May 4, 2026

Contribute Information
Can you contribute information about this project?
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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 bank provided information, the investment involves the provision of an investment of up to MAD 400 million (EUR 37 million equivalent) in favour of the region of Casablanca-Settat, one of the major regions of Morocco and a key driver of the Moroccan economy. 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 fund strategic investments falling under the region's Regional Development Plan (the PDR). The issuance will further contribute to the creation of Morocco's domestic municipal bond market with the issuance of the first bond by a Region and the second by a local authority in Morocco.

The Region of Casablanca-Settat is one of Morocco's engines of national economic growth, contributing 32.2 percent to the national Gross Domestic Product (GDP) in 2023.

Early Warning System Project Analysis

For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

Category B (ESP 2024).

The Region confirmed that no physical resettlement is expected for the Project. Some limited economic displacement is likely due to the permanent or temporary use of land for the construction of new infrastructure and rehabilitee work.

No sensitive area for biodiversity has been identified on the Project footprint. Specific measures such as installation of appropriate fencing on site, boxing of energized equipment will be implemented to limit impacts on biodiversity during operation phase as per ESAP.

The Project is not expected to have any impacts on cultural heritage sites.

Investment Description

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

European Bank for Reconstruction and Development (EBRD)

Subscription to a local currency municipal bond in Morocco for an amount of up to MAD 400 million (EUR 37 million equivalent), representing up to 40 per cent of the total issue.
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.

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.

Abdellatif Achchak
a.achchak@casasettat.ma
+212 522 44 13 93

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