CaixaBank Morocco II



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

24 Jun 2020



PSD disclosed:

14 May 2020

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

Provision of up to MAD 428,000,000 (EUR 40,000,000 equivalent) long-term debt financing to Caixa Bank Succursale au Maroc (CBSM) for on-lending to small and medium-sized enterprises (SMEs) in Morocco.

Project Objectives

Contribution to the expansion of lending to private businesses through working capital lines and investment loans to SMEs, including enterprises operating in the Moroccan regions.

Transition Impact

ETI score: 60

The project improves the availability of medium-term funding for SMEs, which are the main source of employment in the private sector and a major contributor to the economy in Morocco. With a strong commitment to support SMEs, CBSM is well-positioned to provide much-needed financing to smaller regional businesses and to contribute to the development of SMEs in the country.

Client Information


Caixa Bank Succursale au Maroc is a medium-sized development-oriented commercial bank in Morocco specialised in lending to Spanish and Moroccan SMEs operating in Morocco. CBSM is part of Caixa Bank, Spain's third-largest lender by assets and the 11th largest Eurozone bank in terms of market capitalization.

EBRD Finance Summary

MAD 428,000,000.00

Total Project Cost

MAD 428,000,000.00


Additionality of the project stems from the financing structure. The EBRD offers local currency financing with a grace period and tenor not readily available on the market.

Environmental and Social Summary

Categorised FI (ESP 2014). CBSM is an existing client and is in compliance with PRs 2, 4 and 9 as confirmed via their via their annual reporting. The client will be required to continue to comply with the PRs and continue to implement the applicable EBRD's E&S Risk Management Procedures for Micro, SME and Corporate Lending and submit Annual Environmental and Social Reports to the Bank. The funding will be used for extending working capital lines and investment loans to SMEs in Morocco, operating mainly in the agribusiness, transport and manufacturing sectors, for which the overall environmental and social risk exposure is generally considered low to medium. CBSM's Environmental and Social Management System is adequate for this type of investments.

Company Contact Information

179 boulevard d'Anfa Casablanca-Maroc

Implementation summary

PSD last updated

14 May 2020

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 EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social 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 additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from 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 activities of the Bank 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 Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. 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 sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. 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 (e.g. 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 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; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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