Translated version of this PSD: French
The provision of a long-term loan of up to EUR 24 million to Elephant Vert Maroc S.A., a producer of bio-fertilizers, bio-pesticides and bio-stimulants ("bio-inputs") based in Morocco.
The Project supports the expansion in Morocco of Elephant Vert's research and development, production, marketing and distribution activities (both locally and in export markets) for bio-inputs.
The project transition impact potential is expected to derive mainly from the demonstration of the commercial feasibility of innovative agricultural bio-inputs, as well as from the transfer of skills and know-how into the Moroccan agricultural sector and research community.
ELEPHANT VERT MAROC S.A.
The company is a subsidiary of Elephant Vert S.A. (Switzerland).
EBRD Finance Summary
Total Project Cost
Environmental and Social Summary
Category B. The environmental and social risks associated with the Company's operations and the proposed Project are site specific and can be mitigated and managed via the implementation of effective management systems. Due diligence was carried out using a number of different tools. An initial questionnaire was completed by the client and that was followed up with detailed Q&A with Company management around EHS management; a review of environmental and social documentation, including an Environmental Impact Assessment prepared for the Meknes facility in 2012; and discussions with technical advisers on the production processes undertaken at the facility.
Due diligence determined that the Company has significant capacity in regard to environmental and health and safety risk management and that appropriate staffing and budgets are in place to manage these issues. Labour conditions are compliant with local legislation and this is subject to independent verification by a Moroccan consultant. The Company does not discriminate on the basis of age or gender, and the action plan described below will encourage the development of formal policies to strengthen this performance, along with embedding a formal grievance procedure for employees.
The manufacturing process utilises natural raw materials and benign technologies. The techniques used include composting of organic materials, flushing with aqueous solutions, drying, blending, granulation and storage/distribution. Utilities are sourced from municipal networks and no on-site treatment of water, wastewater or solid wastes occurs. Monitoring data indicates that current air emissions, wastewater discharges and solid waste handling and disposal are compliant with local and EU legislation where applicable and that no actions are required to bring these issues into compliance with the Bank's Performance Requirements. The main issue resulting from operations is related to historical odours, which reportedly impacted residents located in the vicinity of the manufacturing plant. An action plan has been agreed with the local community in this regard.
The Company has effective OHS management in place, as stated above, and accident statistics show good performance in this regard. The Company's OHS standards apply to contractors operating on-site and their performance is monitored by the Company.
An Environmental and Social Action Plan has been drafted and is being discussed with the Company to address the minor issues noted above and the development of a public information policy. This shall be fully signed-off with the Company prior to Board Review.
The project will promote innovative climate technologies and may benefit from an incentive grant provided through the FINTECC Framework (BSD 13/249). The Framework is funded by the Global Environment Facility and established in order to support demonstration of energy efficiency, water efficiency, and small scale renewable energy technologies with low market penetration in participating EBRD countries.
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