FIF - Morocco WiB - BMCI II (EBRD-54657)

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.
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
FI
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
Oct 10, 2023
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
Banque Marocaine pour le Commerce et l'Industrie (BMCI)
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Industry and Trade
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)
$ 21.41 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 220
Converted using 2023-10-21 exchange rate.
Loan Amount (USD)
$ 21.41 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 220
Converted using 2023-10-21 exchange rate.
Project Cost (USD)
$ 21.41 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 220
Converted using 2023-10-21 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Nov 25, 2023

Disclosed by Bank Oct 21, 2023

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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 EBRD, the project consists of the provision of a senior unsecured loan in the amount of up to MAD 220 million (EUR 20m equivalent) in favour of BMCI under the Women in Business programme to support women-led MSMEs, including a focus on digitalisation investments and on the MSMEs located in the regions affected by the 8th September 2023 earthquake.

The project aims to promote women's entrepreneurship and participation in business by improving their access to finance and advice through dedicated credit lines and tailored technical assistance programmes. 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 women-led MSMEs in the regions affected by the 8th September 2023 earthquake.

 

 

EBRD FINANCE SUMMARY

MAD 220,000,000.00

TOTAL PROJECT COST

MAD 220,000,000.00

ADDITIONALITY

Knowledge, innovation, and capacity building : EBRD provides expertise, innovation, knowledge and/or capabilities that are material to the timely realisation of the project's objectives, including support to strengthen the capacity of the client.

Knowledge, innovation, and capacity building :

Financing structure : Response to the Al Haouz earthquake: EBRD financing effectively bridges a financing gap due to adverse market conditions.

Financing structure :

ENVIRONMENTAL AND SOCIAL SUMMARY

Categorised FI (2019 ESP). BMCI is an existing client of the Bank and has demonstrated satisfactory implementation of the ESP so far. It will continue to comply with Performance Requirements 2, 4 and 9, and to apply EBRD's E&S for SME lending including adherence to the expanded EBRD E&S Exclusion List and Referral List introduced with ESP 2019. BMCI will need to further demonstrate its compliance with PR4 by providing H&S trainings to its employees and reporting on H&S data on FI level. The partner bank will also ensure that adequate technical expertise is available to assess transactions with potentially high E&S risks (either in-house or externally) and that regular review of E&S performance data is collected by analysts in applicable business lines. BMCI will be required to comply with national environmental, health, safety and labour (EHSL) requirements. The FI will provide annual E&S reporting to the Bank on compliance with the applicable Performance Requirements and any other E&S matters arising during the year.

TECHNICAL COOPERATION AND GRANT FINANCING

The loan will be accompanied by: (i) a technical cooperation ("TC") programme to provide technical support to BMCI through staff training, internal capacity-building and skill development to more accurately understand and serve the financial needs of women-led MSMEs, funded by the European Union ("EU"), (ii) capacity-building and advisory services delivered directly to women-led MSMEs to support their know-how and entrepreneurial skills development, funded by the EU, (iii) Non-Technical Cooperation grant will be provided to sub-borrowers in the form of gender-intelligent financial incentive payments for eligible investments in digitalization for women-led MSMEs, funded by the EU and (iv) a first loss risk cover funded by the EBRD's Shareholder Special Fund for the portion targeting the regions affected by the 8th September earthquake ("SSF").

COMPANY CONTACT INFORMATION

Abdelkeim Guergachiabdelkerim.guergachi@bnpparibas.comhttp://www.bmci.ma/26 Place des Nations Unies, Casablanca, Morocco

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.

People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

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

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 Actor Relationship
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.

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.

As stated by the EBRD, BMCI is a universal bank operating in Morocco since 1943.

BMCI is a 66.7% subsidiary of BNP Paribas, operating as a fully-fledged bank in Morocco. Other shareholders include AXA (8.9%), AtlantaSanad (8.4%) and a free float representing c. 16% of BMCI's shares.


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.

Financial Intermediary - Banque Marocaine pour le Commerce et l'Industrie (BMCI):

Abdelkeim Guergachi
Email: abdelkerim.guergachi@bnpparibas.com
Website: http://www.bmci.ma/
Address: 26 Place des Nations Unies, Casablanca, Morocco

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