GEFF - BMCI MorSEFF

Location:

Morocco

Project number:

50286

Business sector:

Financial institutions

Notice type:

Private

Environmental category:

FI

Approval date:

31 Oct 2018

Status:

Repaying

PSD disclosed:

12 Sep 2018

Project Description

 A loan of up to EUR 20 million to Banque Marocaine du Commerce et de l'Industrie" ("BMCI") to on-lend to private sector borrowers (including SMEs) for sustainable energy investments

Project Objectives

The EBRD is considering providing a loan of up to EUR 20 million to Banque Marocaine du Commerce et de l'Industrie" ("BMCI") to on-lend to private sector borrowers (including SMEs) for sustainable energy investments

Transition Impact

ETI score: 60

The transition impact of the project is expected to derive from promoting the expansion of energy efficiency and renewable energy lending in Morocco. It will have positive demonstration effects particularly with respect to utilising financial intermediaries, for energy efficiency investments. The project will demonstrate the benefits of rational energy utilisation through improved industrial competitiveness in light of rising energy costs.

Client Information

BANQUE MAROCAINE POUR LE COMMERCE ET L'INDUSTRIE (BMCI)

BMCI is the 6th largest bank in Morocco with total consolidated assets of EUR 5.1 billion as of December 2017.

EBRD Finance Summary

EUR 20,537,626.52

Loan of EUR 20 million equivalents in local currency.

Total Project Cost

EUR 20,537,626.52

Up to EUR 20 million

Environmental and Social Summary

Categorised FI (ESP 2014). BMCI will be required 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 eligibility criteria for energy efficiency ("EE") and renewable energy ("RE") projects. This will be confirmed to BMCI by a Project Consultant engaged by the EBRD to assess project eligibility.

Technical Cooperation and Grant Financing

None

Company Contact Information

Abdelkeim Guergachi
abdelkerim.guergachi@bnpparibas.com
http://www.bmci.ma/
26 Place des Nations Unies, Casablanca, Morocco

Implementation summary

The Covid-19 pandemic has created some challenges for this project, related to a reduction in overall appetite forcapital CapEx investment in the market, as companies focus on their short-term financing needs. The pandemichas also seen new competing financial products arrive to the market. Despite these challenges, the project hassuccessfully contributed to expanding lending for Green projects in Morocco, and enhanced the Green transition inthe country.The project's  Transition impact is driven by its contribution to promoting the expansion of green lending inMorocco, and a faster market penetration of highly efficient green-related products. This is achieved throughdemonstration effects related to the utilising financial intermediaries for energy efficiency investments and rationalresource utilisation through improved industrial competitiveness in light of rising energy costs. With this project,BMCI is also developing its internal capabilities for financing green projects. Sub-borrowers are also receivingsupport to identify resource efficiency investment opportunities, using these investments as drivers of growth andcompetitiveness, and gaining increased  understanding of BMCI's requirements for financing these kinds ofinvestments.

PSD last updated

02 Mar 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 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 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.

 

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