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.

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

Apr 9, 2026

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

Attawfiq Micro-Finance

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)

$ 23.38 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 20
Converted using 2026-04-09 exchange rate.

Project Cost (USD)

$ 23.38 million

Bank Documents

Primary Source

Original disclosure @ EBRD website

Updated in EWS Jul 2, 2026

Disclosed by Bank Feb 23, 2026

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

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, the project consists of the provision of a senior unsecured loan of up to EUR 20 million, or equivalent in MAD, in favour of Attawfiq Micro-Finance (the "Company" or "AMF") under the Youth in Business ("YIB") programme to support Moroccan micro, small and medium-sized enterprises (MSMEs) owned or led by young entrepreneurs under 35 years of age, with a focus on the ones located in the regions affected by the 8th September 2023 earthquake.

The project aims at opening up economic opportunities of underserved Moroccan young entrepreneurs, building on the idea that MSMEs owned or led by youth under 35 years of age represent a unique market opportunity for the Moroccan financial sector and a unique vehicle to increase financial inclusion. Furthermore, the project will also contribute to the recovery and the reconstruction of the region affected by the September 2023 earthquake by leveraging on AMF's unique outreach in the region.

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.

Categorised FI (ESP 2024). Attawfiq Microfinance is a new client of the EBRD. Eligible subprojects will support microfinance, which are likely to be of low environmental and social (E&S) risk. The main E&S risks relate to potential impacts arising from the financed subloans.

Investment Description

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

European Bank for Reconstruction and Development (EBRD)

A senior unsecured loan of up to EUR 20 million, or equivalent in MAD, under the Youth in Business ("YIB") programme.

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.

Fondation Attawfiq Micro Finance (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.

Attawfiq Micro-Finance (also known as Fondation Attawfiq), established in 2000 as the social branch of Banque Populaire (BCP) Group, is the largest microfinance institution (MFI) in Morocco with total assets of EUR 496m as of YE2025. AMF operates with a network of 500 branches across 11 regions in Morocco, serving more than 296,174 active clients, primarily low-income households, micro-entrepreneurs with a focus on women and micro businesses in rural areas. The institution provides individual and group microloans to support income-generating activities in trade, services, agriculture, and crafts, while also delivering non-financial services.

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.

Nezha Skouta
nskouta@fbpmc.ma
https://attawfiqweb.servermdz.com/web/
79 Bd Hassan II, Casablanca 20100, Maroc

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