GCF GEFF FW - Bank of Africa (BMCE) - GEFF II

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

Provision of an additional 3rd senior unsecured tranche of up to EUR 13 million under the GCF GEFF Regional - Morocco II framework to Bank of Africa ("BOA"), of which up to EUR 9,750,000 to be provided by EBRD and up to EUR 3,250,000 by the Green Climate Fund ("GCF") under the GCF-Green Economy Financing Facility ("GEFF") Regional Framework. The 3rd tranche will be provided in addition to two existing tranches of EUR 12,500,000 each. The total loan amount will be increased to up to EUR 38 million. The proceeds of the GCF GEFF loan will be on lent to private companies to finance Green Economy investments in climate change mitigation and adaptation technologies, in a gender-responsive way.

Project ID 52509

Status Repaying

Location

Morocco

Business Sector

Financial Institutions

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

Meryem Channawi
mchannawi@bankofafrica.ma
https://www.bmcebank.ma/
140 Avenue Hassan II Casablanca, Morocco

Project ID 52509

Status Repaying

Location

Morocco

Business Sector

Financial Institutions

Notice Type

Private

Approval Date

27 Jul 2021

Disclosure date

06 Aug 2021

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.

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project description

Project objectives

The project will contribute to its objective of building a green economy in Morocco by on-lending to private sector sub-borrowers to implement green investments in energy efficiency, renewable energy and climate resilience measures as well as including additional targeted activities promoting gender responsive on-lending.

Transition impact

ETI Score:75

FW)

The transaction is the 4th facility provided by EBRD to BoA under the GCF - GEFF Regional Framework in Morocco. The project supports the Green TI quality through the provision of funding and know-how to financial intermediaries financing private sector investments in high performing climate change mitigation and adaptation technologies and solutions. This will facilitate Morocco's transition to environmentally sustainable, low-carbon and climate-resilient economy.
The project is also contributing towards building a green economy by facilitating the expansion of green energy and resource efficiency lending in Morocco and showing positive demonstration effects.

Client information

BANK OF AFRICA

Bank of Africa ("BOA") is the third largest bank in Morocco in terms of total assets and loans at YE2021. BOA will be allowed to on-lend all or part of the proceeds of the loans to Maghrebail, its fully consolidated leasing subsidiary where it holds 52.46% of the capital, and Salafin, a consumer credit subsidiary where BOA holds 62% of capital.

EBRD Finance Summary

EUR 28,500,000.00

Total project cost

EUR 38,000,000.00

Additionality

The project will build on the successful experience of existing green products. The project will offer a combination of medium-term financing and technical expertise into a package that promotes targeted investment in climate mitigation and adaptation technologies in the private sector in Morocco.

Furthermore, the client will benefit from EBRD's expertise to enhance women and men's equal opportunity to access finance provided under the GEFF programme for the adoption of green technologies. Therefore, the project will ultimately help women and men sub-borrowers build their resilience in the face of a changing climate.

Environmental & Social Summary

Categorised FI (ESP 2019). BoA is an existing Client of the Bank, who has been regularly and satisfactorily reporting on their E&S performance under previous exposure. BoA is required to continue to comply with Performance Requirements (PRs) 2, 4 and 9, adopt and implement the EBRD's E&S Risk Management Procedures for Micro, SME and Corporate Lending and submit Annual Environmental and Social Reports to the Bank. Beneficiaries financed through the Green Economy Financing Facility will be required to comply with national requirements for environment, health and safety and labour standards and the eligibility criteria for Green projects. The use of proceeds of this transaction will likely include solar sub projects, such sub-projects will be managed in line with 'The Proposed Management Approach for Solar Supply Chain Risk Management' (CS/FO/21-35), (CS/FO/21-35 (Add 2)) and any subsequent guidance developed under that approach. The project is consistent with the GET approach and the GET share is 100%.

Technical Cooperation and Grant Financing

The implementation of the GCF GEFF loan will be supported by a comprehensive Technical Cooperation ("TC") programme to provide implementation support to BOA and sub-borrowers. The TC programme will also support gender activities that aim to enhance women and men's equal opportunity to access climate finance for green technologies. The TC is expected to be funded by the grant resources from the European Union, the Green Climate Fund and EBRD's Shareholder Special Fund ("SSF").

Company Contact Information

Meryem Channawi
mchannawi@bankofafrica.ma
https://www.bmcebank.ma/
140 Avenue Hassan II Casablanca, Morocco

PSD last updated

05 Jul 2022

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 the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

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

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. 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, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. 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 (for example, 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 the 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 and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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GCF GEFF FW - Bank of Africa (BMCE) - GEFF II

Overview

Project timeline

Company Contact Information

Project description

Project objectives

Transition impact

Client information

EBRD Finance Summary

Total project cost

Additionality

Environmental & Social Summary

Technical Cooperation and Grant Financing

Company Contact Information

PSD last updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)