Provision of a sovereign guaranteed loan of up to EUR 150 million in favour of Office National des Aeroports ("ONDA" or the "Company") to address the urgent need for liquidity support of the Company, a Moroccan State-Owned Enterprise (SOE) providing vital infrastructure services, following the unprecedented economic impacts of the COVID-19 crisis. The proposed transaction is in line with the Vital Infrastructure Support Programme (VISP) under the Bank's COVID-19 Solidarity Package.
The goal of the Project is to help this SOE meet short-term obligations in order to enable essential operations and services to continue uninterrupted despite the financial stress of the COVID-19 crisis.
ETI score: 65
ETI score: 65
The Project will have the following Transition Impact:
Resilient- The Project entails providing financial support to ensure the continuity of the vital services provided by this SOE and ensure that capacity is maintained throughout and beyond the COVID-19 pandemic
Well-governed- The EBRD team will work with the Government of Morocco to develop a policy agenda on SOE modernisation and consolidation, with the areas of focus comprising governance consolidation.
OFFICE NATIONAL DES AEROPORTS
ONDA is the state operator and administrator for all airports and air navigation services. It manages a network of 25 airports and supervises Moroccan aerospace through two regional air traffic control centres in Casablanca and Agadir.
EBRD Finance Summary
Liquidity facility for ONDA of EUR  million.
Total Project Cost
Total Project cost is EUR 150,000,000.
Crisis response: the targeted SOE in the infrastructure sector is facing risks of financial instability that may undermine its ability to continue to provide vital services to people and businesses, pay suppliers or employees or continue capital expenditures in the context of health emergency measures taken during the COVID-19 pandemic. The Bank is providing unique support that will effectively bridge the financing gap due to adverse market conditions in Morocco.
Environmental and Social Summary
Categorised B (2019 ESP). Key E&S risks associated with providing a working capital loan for the operation of vital infrastructure services include health and safety for workers and communities, labour conditions, contractors' management and stakeholder engagement. The Environmental and Social (E&S) due diligence (ESDD) will be undertaken in line with the ESDD response to COVID-19. The ESDD will be undertaken in-house; it will include the review of the SOE's E&S organization, practices and performance (through the Corporate Questionnaire and COVID-19 Questionnaire) and the preparation of an ESAP for the SOE as appropriate, to agree on actions to align its corporate environmental and social management system with EBRD's PRs.
Technical Cooperation and Grant Financing
The project will potentially include technical cooperation to accompany any additional Transition policy initiatives. Donors will be sought once funding needs are identified; currently an indicative amount has been confirmed at EUR 500,000, as part of a package to support SOEs in Morocco.
Company Contact Information
M. Youssef Zemmama
PSD last updated
22 Jun 2020
Further information regarding the EBRD’s approach to measuring transition impact is available here.
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Environmental and Social Policy (ESP)
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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.
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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.
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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 firstname.lastname@example.org to get guidance and more information on IPAM and how to submit a request.