GCF GEFF Regional - Morocco Green Value Chain - BMCE

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

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).

Project ID 50285

Status Repaying

Location

Morocco

Business Sector

Financial Institutions

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

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

Project ID 50285

Status Repaying

Location

Morocco

Business Sector

Financial Institutions

Notice Type

Private

Environmental Category

Approval Date

17 Dec 2019

Disclosure date

14 May 2024

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project description

Project objectives

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.

Transition impact

ETI Score:65

ject, including the additional Tranche, supports the Green TI quality. The proceeds of the facility will be used by BOA and its leasing subsidiary Maghrebail for on-lending to eligible private sector MSMEs beneficiaries for their capex investments in climate change mitigation and adaptation projects across specific export value chains and sub-sectors in Morocco (including: agribusiness, manufacturing & services, logistics & distribution, and information & communication technologies). This will enable BOA to further expand its offering of green lending products ultimately supporting a green economy in Morocco.

Client information

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.

EBRD Finance Summary

EUR 17,500,000.00

Total project cost

EUR 20,000,000.00

Additionality

The project offers a combination of (i) long-term financing, (ii) technical assistance and (iii) incentive grants to the benefit of end-borrowers into a comprehensive package that promotes households and private sector investments in climate-resilient technologies and services. BOA - a Gender Champion under the We-Fi Code initiative implemented by Bank Al Maghrib with the support of EBRD - will contribute to advance and promote access to finance to women-led enterprises.

Environmental & Social Summary

Categorised FI (ESP 2019). BOA is an existing Client of the Bank, who has been regularly and satisfactorily reporting on their E&S performance under previous exposure. BOA is required to continue to comply with Performance Requirements (PRs) 2, 4 and 9, adopt and implement the EBRD's E&S Risk Management Procedures for Micro, SME and Corporate Lending and submit Annual Environmental and Social Reports to the Bank. Beneficiaries financed through the GVC Facility will be required to comply with national requirements for environment, health and safety and labour standards and the eligibility criteria for Green projects. The use of proceeds of this transaction will likely include solar sub projects, such sub-projects will be managed in line with 'The Proposed Management Approach for Solar Supply Chain Risk Management' (CS/FO/21-35), (CS/FO/21-35 (Add 2)) and any subsequent guidance developed under that approach. The project is consistent with the GET approach and the GET share is 100%.

Technical Cooperation and Grant Financing

With the additional Tranche, BOA will further benefit from Technical Cooperation ("TC") for project preparation, implementation, verification, monitoring and capacity-building for the benefit of BOA and end-borrowers. The Programme TC is funded by EBRD Shareholder Special Fund, the European Union via the Value Chain Competitiveness Programme, the Korean Technical Assistance and Cooperation Account and the Green Climate Fund. Eligible end-borrowers will continue to benefit from incentive grants to encourage the uptake of climate change mitigation and adaptation investments. Furthermore, BOA - a Gender Champion under the We-Fi Code initiative implemented by Bank Al Maghrib with the support of EBRD - will contribute to advance and promote access to finance to women-led enterprises.

Company Contact Information

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

PSD last updated

14 May 2024

Understanding transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD also requires its clients to disclose information, as appropriate, about the risks and impacts of projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank's activities in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (for example, through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the mechanism is: to support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or the project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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GCF GEFF Regional - Morocco Green Value Chain - BMCE

Overview

Project timeline

Company Contact Information

Project description

Project objectives

Transition impact

Client information

EBRD Finance Summary

Total project cost

Additionality

Environmental & Social Summary

Technical Cooperation and Grant Financing

Company Contact Information

PSD last updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)