GCF GEFF Regional - BCP

Location:

Morocco

Project number:

50951

Business sector:

Financial institutions

Notice type:

Private

Target board date:

11 Dec 2019

Status:

Exploratory

PSD disclosed:

07 Nov 2019

Translated versions of this PSD: ArabicFrench

Project Description

Provision of up to EUR 40 million green financing package to Banque Centrale Populaire ("BCP") which will be co-financed by Green Climate Fund.

The package will comprise:

      i.        a loan in the amount of up to EUR 10 million equivalent under the GCF GEFF Regional Framework ("GCF GEFF"), of which up to EUR 2.5 million equivalent is expected to be co-financed by the Green Climate Fund;

     ii.        a loan in the amount of up to EUR 30 million equivalent under the GCF GEFF Regional - Morocco Value Chain Framework ("GVC"), of which up to EUR 7.5 million equivalent is expected to be co-financed by the Green Climate Fund;

Project Objectives

The EBRD loans will enable BCP and its leasing subsidiary Maroc Leasing to on-lend to eligible private sub-borrowers (i) to implement green investments in energy efficiency, renewable energy, and climate resilience measures and (ii) to boost the competitiveness of Small and Medium Enterprises part of a value chain.

Transition Impact

The project supports the Green TI quality by facilitating the direction of funding towards climate technologies and services in eligible sectors that will drive the transition to environmentally sustainable, low-carbon and climate-resilient economy in Morocco.

Client Information

BANQUE CENTRALE POPULAIRE DU MAROC

BCP is the second largest bank in Morocco in terms of lending with a market share of 24% and operates an extensive branch network throughout Morocco with around 1,500 branches.

EBRD Finance Summary

EUR 7,500,000.00

Senior unsecured loan of up to USD 40 million, out of which i) up to EUR 30 million is expected to be co-financed by EBRD and ii) up to EUR 10 million is expected to be co-financed by Green Climate Fund.

 The package will be comprised of two facilities:

      i.        a loan in the amount of up to EUR 10 million equivalent under the GCF GEFF Regional Framework ("GCF GEFF"), of which i) up to EUR 7.5 million equivalent is expected to be financed by EBRD and ii) up to EUR 2.5 million equivalent is expected to be co-financed by the Green Climate Fund;

     ii.        a loan in the amount of up to EUR 30 million equivalent under the GCF GEFF Regional - Morocco Value Chain Framework ("GVC"), of which i) up to EUR 22.5 million equivalent is expected to be financed by EBRD and ii) up to EUR 7.5 million equivalent is expected to be co-financed by the Green Climate Fund;

Total Project Cost

EUR 10,000,000.00

The GCF GEFF loan up to EUR 10 million equivalent which is expected to be co-financed by the Green Climate Fund EUR 2.5 million equivalent

The GVC loan up to EUR 30 million equivalent which is expected to be co-financed by the Green Climate Fund for up to EUR 7.5 million equivalent

Environmental and Social Summary

GEFF and GVC lines:

Category FI (2014 ESP). BCP is an existing client and will be required to continue to comply with PRs 2, 4 and 9 apply the EBRD's E&S Risk Management Procedures for Corporate and SME loans and submit annual environmental and social reports to the Bank. All projects under the Green Economy Financing Facility (GEFF) will be required to comply  with the national environment, health and safety and labour regulations and standards as well as the E&S eligibility criteria for RE and EE sub-projects.

Technical Cooperation

BCP is expected to benefit from TC and non-TC support to be provided by the EBRD Shareholders Special Fund "SSF", EU Trade and Competitiveness Programme, Government of Korea, and the Green Climate Fund (GCF).

Company Contact Information

Mr Abdelkrim Mir
AMir@cpm.co.ma
+212522469450
www.gbp.ma
Banque Centrale Populaire 101, Bd. Mohamed Zerktouni 20 100 Casablanca

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