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.
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.
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.
CAIXABANK SA SUCCURSALE AU MAROC
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
Total Project Cost
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
PSD last updated
14 May 2020
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Independent Project Accountability Mechanism (IPAM)
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