Provision of MAD 160m loan to finance construction of a new building, expansion of the current bags production and introduction of the Biaxially Oriented PolyPropylene (BOPP) production line.
The Project supports expansion into a growing BOPP film production market, as well as further vertical integration.
ETI score: 60
Competitive: BOPP production line will lead to increased productivity and higher vertical integration.
Green: The new building will be EDGE certified, setting international technical standards of sustainability and climate resilience.
Multisac SA (the "Borrower" or the "Company") is a family-owned SME incorporated in Morocco. Multisac was created in 2006 and is specialised in the production of woven polypropylene bags. Multisac is an existing client of the Bank since 2018, with positive experience to date.
EBRD Finance Summary
Up to MAD 160m senior secured loan to finance the Project.
Total Project Cost
Total costs relate to construction of the new building, implementation of the Biaxially Oriented PolyPropylene (BOPP) activity and expansion of the current capacities.
Additionality stems from the financing structure, EBRD's long-term relationship with the Borrower providing risk mitigation and environmental standard setting.
Environmental and Social Summary
Categorised B (ESP2019). Multisac is an existing client of the Bank with a reported satisfactory Environmental and Social performance under current exposure. Environmental and Social Due Diligence (ESDD) for this Project was based on the previous ESDD undertaken by ESD in 2018, and the review of the annual monitoring reports provided by the Company.
The assessment has confirmed that the Client has all the necessary permits in place and has demonstrated a commitment to environmental protection through developed policies and procedures. The factory is located in a regulated industrial zone, and the envisaged expansion will be done within the current site. Regular E&S risk assessments are conducted by external experts in line with local requirements. Multisac implemented the actions identified in the previously agreed ESAP, and have as a result enhanced their Environmental, Health and Safety and Social management system and resources. The current ESAP has been updated with the requirement to undertake an EHS risk assessment of the envisaged new building and the production capacity increase.
The project is considered aligned with the mitigation objectives of the Paris Agreement following further assessment of ability of products to be reused/recycled.
ESD will continue to monitor the Client through the review of annual E&S reports.
Technical Cooperation and Grant Financing
The Project benefits from a guarantee and TC from the European Fund for Sustainable Development (EFSD) Municipal Infrastructure and Industrial Resilience (MIIR) Guarantee Programme.
The programme contributes to transitioning economies in the European Neighbourhood South and European Neighbourhood East by supporting sustainable investments in green city infrastructure, greening logistics chains, energy efficiency and green technology transfers in industrial processes, commercial operations and buildings.
Company Contact Information
+212 660 168 787
+212 537 745 058
Lots 63 et 64 zone industrielle de Bouznika, Province Benslimane, 13100
PSD last updated
11 Dec 2022
Further information regarding the EBRD’s approach to measuring transition impact is available here.
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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 email@example.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 firstname.lastname@example.org to get guidance and more information on IPAM and how to submit a request.