Project Description
Provision of up to USD 26,250,000 (Equivalent to EUR 24,760,000 as of 26/04/2022) unsecured loan under the GCF GEFF Regional - Morocco II framework to Banque Centrale Populaire ("BCP"), of which up to USD 25,000,000 in EUR equivalent to be provided by EBRD and up to USD 1,250,000 by the Green Climate Fund ("GCF") under the GCF-Green Economy Financing Facility ("GEFF") Regional Framework. The proceeds of the loan will be used for financing investments in climate change mitigation and adaptation technologies.
Project Objectives
The project will facilitate a green economy transition in Morocco by on-lending to private sector sub-borrowers to implement green investments in energy efficiency, renewable energy and climate resilience measures.
Transition Impact
ETI score: 75
75 (FW)
The transaction is the 3rd facility provided by EBRD to BCP 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
BANQUE CENTRALE POPULAIRE DU MAROC
BCP is the second largest bank in Morocco in terms of lending with a market share of 23% and operates though an extensive branch network throughout Morocco.
EBRD Finance Summary
USD 25,000,000.00
EBRD finance provided in Euro
Total Project Cost
USD 26,250,000.00
Total project costs equivalent to EUR 24.8m.
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 and Social Summary
Categorised FI (ESP 2019). BCP is an existing Client of the Bank and has demonstrated compliance with EBRD's requirements for FIs. BCP should continue to comply with PRs 2, 4 & 9, and further, implement and comply with the relevant EBRD's Environmental & Social (E&S) Procedures. Beneficiaries financed through the Facility will be required to comply with national requirements for environment, health and safety and labour standards and the Bank's eligibility criteria for energy efficiency ("EE") and renewable energy ("RE") projects. This will be confirmed to BCP by a Project Consultant engaged by the EBRD to assess project eligibility.
The Project's use of proceeds may 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, with a GET share of 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 BCP 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
Mounir El Bahlouli
melbahlouli@cpm.co.ma
https://www.groupebcp.com/fr/
104 Bd Abdelmoumen, Casablanca 20250, Maroc
PSD last updated
04 May 2022
Understanding Transition
Further information regarding the EBRD’s approach to measuring transition impact is available here.
Business opportunities
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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 compliance@ebrd.com. 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 ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.
