Early Warning System

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

Active

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

Dec 17, 2019

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

Bank of Africa

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)

$ 19.51 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 17.5
Converted using 2019-12-17 exchange rate.

Loan Amount (USD)

$ 19.51 million

Project Cost (USD)

$ 22.30 million

Bank Documents

Primary Source

Original disclosure @ EBRD website

Updated in EWS Jul 19, 2024

Disclosed by Bank May 14, 2024

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 the bank-provided information, the project involves the provision of an additional senior unsecured debt Tranche of up to EUR 10m to be provided to BMCE - Bank of Africa ("BOA") under the existing GVC loan signed in 2020. The additional Tranche will bring the total facility amount to EUR 20m from the current amount of EUR 10m. As per the existing terms and conditions, the proceeds of the additional Tranche will be used by BOA and its leasing subsidiary Maghrebail for on-lending to private sector MSMEs beneficiaries for their capex investments in climate change mitigation and adaptation projects supporting a green economy across specific export value chains and sub-sectors in Morocco (including: agribusiness, manufacturing & services, logistics & distribution, and information & communication technologies).

The additional Tranche will enable BOA, a Moroccan private bank, to further expand its offering of green lending products targeting Moroccan private sector MSMEs' capex investment in climate-resilient technologies and services, ultimately supporting a green economy in Morocco.

Investment Description

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

European Bank for Reconstruction and Development (EBRD)

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.

Bank of Africa (BOA) Group S.A. (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.

BANK OF AFRICA SA

BMCE - Bank of Africa ("BOA"), a private commercial bank incorporated as a joint-stock company in Morocco. BOA operates in Morocco and 20 African countries and has a presence in Europe, Asia and North America. BOA has market shares of ca. 16-17% by assets, loans and deposits. BOA is listed on the Casablanca Stock Exchange with a market capitalisation of ca. EUR 3.9bn as of May 2024.

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.

Ibtissam Kaghat
ikaghat@bankofafrica.ma
+212 522 49 85 57
https://www.bankofafrica.ma/
140 Avenue Hassan II, Casablanca, Grand Casablanca 20060

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