CdM Senior Loan (IFC-49151)

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
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
Dec 21, 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
Credit du Maroc SA
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Climate and Environment
  • Energy
  • 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)
$ 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.
Loan Amount (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 Jan 5, 2024

Disclosed by Bank Nov 22, 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.

As stated by the IFC, the proposed investment consists of a senior unsecured loan of up to US$100 million equivalent, denominated in US dollars (USD) or in Euros (EUR), to Crédit du Maroc. The loan will have a maturity of up to 5 years. The proposed financing will enable the Bank to boost its lending operations to Small and Medium-Sized Enterprises and to climate sub-projects in 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.

The portfolio is considered medium risk from an environmental and social perspective, and as such, the Project has been categorized as FI-2 in accordance with IFC's Sustainability Policy.

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 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, Crédit du Maroc is a universal bank headquartered in Casablanca, Morocco. It commenced operations in Morocco in 1929 as Crédit Lyonnais and became Crédit du Maroc following the acquisition of Compagnie Africaine de Banque in 1966. CdM became publicly listed on the Casablanca Stock Exchange in 1976.

CdM offers an array of financing and savings services to individuals, professionals, farmers and corporate customers in Morocco. As of December 31, 2022, Crédit du Maroc’s network encompasses 264 local branches, 14 private bank branches, 9 Maskane branches, 9 business centers and 13 Arreda branches. The Bank has three main subsidiaries, namely Crédit du Maroc Assurance, an insurance broker, Crédit du Maroc Leasing and Factoring and Crédit du Maroc International – Banque Offshore. As of December 31, 2022, the Bank served over 650k clients, had a market share in terms of loans of approximately 4.75% and 4.30% in terms of deposits, as the seventh-largest bank in Morocco by total assets.

The Bank’s largest single shareholder is Holmarcom group with an 63.71% equity stake through its affiliates Holmarcom Finance Company S.A. (HFC) (50.91%) and AtlantaSanad (12.80%). HFC is a holding company dedicated to holding and developing the interests of Holmarcom group in the financial services sector. AtlantaSanad is a Moroccan insurance company that is listed on the Casablanca Stock Exchange. On April 27, 2022, Holmarcom group signed an agreement with Crédit Agricole S.A. (CASA) for the acquisition of CASA’s 78.7% equity stake in Crédit du Maroc through HFC and AtlantaSanad. The first closing of the acquisition of 63.71% of the capital of CdM was completed in December 2022, and a second acquisition for the remaining 15% is to be completed eighteen months thereafter.


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.

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

Financial Intermediary - Credit du Maroc SA:

Ms. Ikram Erryahi - Chief Financial Officer
Phone: +212 522477202
Email: ikram.erryahi@cdm.ma
Address: Les Arènes, 201 boulevard d’Anfa, Casablanca
Website: https://www.creditdumaroc.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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How it works