Credit Agricole du Maroc - Earthquake response

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

EBRD is considering the provision of a senior unsecured loan of up to EUR 50 million to be provided in 2 equal tranches of EUR 25 million in MAD equivalent, in favour of Credit Agricole du Maroc ("CAM") (the "Company"), a limited liability company, to support MSMEs, with a focus on the ones located in the regions affected by the 8th September 2023 earthquake.

Project ID 55051

Status Disbursing

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

Sanaa Bellamine
0537217188
https://www.creditagricole.ma/fr
Place des alaouites B.P 49 10000

Project ID 55051

Status Disbursing

Location

Morocco

Business Sector

Financial Institutions

Notice Type

Private

Approval Date

11 Sep 2024

Disclosure date

27 Mar 2024

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 building a more competitive and resilient economy in Morocco by supporting SME financing. A special focus will be given to distribution of funds in the regions and outreach to new customers. Moreover, the project will support access to finance for MSMEs in the regions affected by the 8th September 2023 earthquake.

Transition impact

ETI Score:68

nsition impact of the project is expected to derive from market expansion, by providing long-term funding to SMEs. It will have positive demonstration effects particularly with respect to utilising financial intermediaries, for market expansion of SME lending.

Client information

CREDIT AGRICOLE DU MAROC SA

CAM is the 4th largest Moroccan bank by assets at YE2023. The bank operates exclusively in Morocco through a network of ~500 branches and employs ~4,000 staff.

CAM is majority-owned by the Moroccan State (75%), followed by the state-owned pension fund CDG (10%). Two Moroccan private insurance companies (MAMDA/MCMA) hold the remaining 15% of the capital. Current legislation requires the State to hold at least 51% of CAM's shares, while no other shareholder may own more than 15% of the bank's capital. However, CAM has been a joint-stock company since 2003 and is subject to the same regulations and prudential requirements as other private Moroccan banks.

EBRD Finance Summary

EUR 25,000,000.00

Loan in the amount of up to EUR 50 million to be provided in 2 equal tranches of EUR 25 million in Mad equivalent

Total project cost

EUR 25,000,000.00

Up to EUR 50 million.

Additionality

Financing structure: Response to the Al Haouz earthquake: EBRD financing effectively bridges a financing gap due to adverse market conditions.

Environmental & Social Summary

Categorised FI (ESP 2019). CAM is an existing Client of the Bank and has been satisfactorily complying with EBRD's E&S Policy. CAM will need to continue to comply with EBRD's Performance Requirements (PRs) 2, 4 and 9; continue to implement the applicable EBRD's E&S Risk Management Procedures for TFP (regarding existing TFP line with the EBRD) and Micro, SME and Corporate Loans. The Borrower will be required to submit annual environmental and social reports to the Bank to monitor their E&S performance and progress.

Technical Cooperation and Grant Financing

None

Company Contact Information

Sanaa Bellamine
0537217188
https://www.creditagricole.ma/fr
Place des alaouites B.P 49 10000

PSD last updated

27 Mar 2024

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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Credit Agricole du Maroc - Earthquake response

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)