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Project FMCG Morocco



Project number:


Business sector:

Manufacturing and Services

Notice type:


Environmental category:


Approval date:

31 May 2023



PSD disclosed:

25 Apr 2023

Project Description

A MAD 440 million loan to Dislog Group S.A. to support the company's acquisition of various companies in the FMCG and pharmaceutical sectors, as well as construction and acquisition of industrial and logistics platforms. The capex component also includes the installation of photovoltaic panels to supply a significant portion of the company's annual energy consumption from renewable sources and a green building certification.

Project Objectives

The Project will enable the company to expand into the pharmaceutical sector and capture higher added value in the FMCG supply chains in Morocco. In addition, the loan will support the company's Green Economy Transition (GET) investments and help close gender gaps among its workforce.

Transition Impact

ETI score: 67

The expected transition impact of the project derives from the "Competitive" transition quality, as it delivers operational improvements, and "Inclusive" transition quality, given the client's commitment to promote more open and equal economic opportunities in the group. The Project qualifies as 25 per cent GET-eligible thanks to the supported investments in solar panel installations and a green building certification. 

Client Information


Dislog Group S.A. is the main operating entity of Dislog Group. Dislog Group S.A consolidates and owns a diversified Moroccan business operating in various sectors, including the manufacturing and distribution of FMCG products. Dislog Group is mainly owned by H&S Holding ("H&S").

Building Logistics S.A. ("BLS"), a PropCo structure owned by H&S, develops and owns logistics platforms and commercial real estate assets in Morocco. 

H&S is a diversified Moroccan group operating in five areas of activity (distribution and logistics, industry, real estate, communication, digital and press). 

EBRD Finance Summary

MAD 440,000,000.00

MAD 440 million to be provided in two tranches to finance a part of the Project, specifically the acquisition of a company and construction and acquisition of industrial and logistics platforms and installation of photovoltaic panels.

Total Project Cost

Investment plan, which includes acquisitions and capital expenditures. 


Financial additionality stems from the financial structure thanks to the EBRD's ability to provide financing in MAD. 

Non-financial additionality stems from standards setting, as the project qualifies as Gender Transition Impact and GET-eligible.

Environmental and Social Summary

Categorised B (2019 ESP) and High-Medium risk in relation to acquisition of industrial companies with operations in pharmaceuticals and FMCG. The E&S issues associated with the Project include Occupational Health and Safety, labour and working conditions, HR policies and practices, collective bargaining agreement conditions, hazardous substances management, gender gap, management of contractors and suppliers mainly associated with supply of agricultural feedstock, energy and water efficiency, wastewater treatment and client's E&S management systems. In-house Environmental and Social (E&S) due diligence undertaken by ESD included a review of the Project questionnaire, current EHS and Quality Management policies, relevant procedures, E&S Impact Studies related to the expansion of operations and practices to assess existing E&S including DD practices for M&A.

An Environmental and Social Action Plan (ESAP) has been developed based on the ESDD. Noting the sensitivities of the Bank to supply chain risk, the EBRD supply chain management approach has been applied. Total power output from the project will be less than 5MW allowing the use of the Green Technology Selector to help choose approved suppliers. The project is considered aligned with the Paris Agreement for climate mitigation as it features in the joint MDB "aligned list". The project is deemed not significantly exposed to physical climate risks and is considered Paris aligned for climate adaptation. The project is 25 per cent GET-eligible based on the Capex plan for installation of PV panels and an energy efficient building certified under a scheme which meets GET eligibility.

Technical Cooperation and Grant Financing

Technical Cooperation support for this Project will be provided by the European Commission through the European Fund for Sustainable Development Municipal Infrastructure and Industrial Resilience (EFSD MIIR) Programme and FINTECC Programme funded through the EBRD Special Shareholder Fund (SSF).

Company Contact Information

Zakaria Jerrari
409 Route El Jadida; Casablanca, 20410

PSD last updated

25 Apr 2023

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 EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

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 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 to get guidance and more information on IPAM and how to submit a request.


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