Credit Delegated SLGP EC Al Amana Food Security (IFC-48853)

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
  • International Finance Corporation (IFC)
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
C
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 10, 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
Association Al Amana pour la Promotion des Microentreprises
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 30.00 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.
Project Cost (USD)
$ 100.00 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.
Primary Source

Original disclosure @ IFC website

Updated in EWS Oct 8, 2024

Disclosed by Bank Sep 30, 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 IFC, the proposed project consists of an unfunded Risk Sharing Facility (‘RSF’) to Association Al Amana pour la Promotion des Microentreprises (‘Al Amana’, the ‘Beneficiary’) a non-profit microfinance organization established in Morocco. IFC will guarantee a portion of Al Amana’s credit risk on a target portfolio of loans to small and medium enterprises (‘SMEs’) operating in the agribusiness sector and rural areas, with a principal amount of up to 100 million Moroccan Dirhams. The Project would be processed under the Small Loan Guarantee Program European Commission/Private Sector Window (SLGP EC/PSW or the Platform), a programmatic approach to de-risk and scale up financing for SMEs in eligible countries. 

Al Amana is headquartered in Rabat, Morocco and has over 600 branches in urban and rural areas of Morocco. Investments can be made throughout the country.

In addition, the Project will complement an IFC project aiming to support the transformation of the African agriculture sector and strengthen the integration of local and global value chains through an integrated investment and advisory product offering. IFC believes that this combination will effectively create catalytic effects in the market.

 

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.

The IFC categorized the project risk as FI-3.

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

As stated by the IFC, the Project’s cost is expected to be of MAD100 million with a maximum IFC’s risk amount of MAD30 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.

As stated by the IFC, established in 1997 and licensed in 2000, Al Amana Microfinance operates as an association as mandated by the Moroccan regulation. Al Amana provides individual loans, solidarity loans, and housing loans to individuals and small businesses exclusively in Morocco who struggle to access traditional financing. Additionally, it offers non-financial services to help small businesses’ development. Al Amana expanded its services to include money transfers and microinsurance through partnerships with local banks and insurance companies


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 - Association Al Amana pour la Promotion des Microentreprises:

Youssef Bencheqroun - CEO
Phone: +212 (0)5 37 28 95 00
Address: C.Y.M 10130 Rabat, Morocco
Website: https://www.alamana.org.ma/

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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