📋 Tender Overview
Location:
Morocco
Project number:
55895
Business sector:
Financial institutions
Notice type:
Private
Environmental category:
FI
Approval date:
12 Mar 2025
Status:
Pending Approval
English-language PSD published:
20 Feb 2025
Project Description
Provision of a senior unsecured loan to BMCE - Bank of Africa ("BOA") of up to EUR 35 million, as part of a EUR 70 million "GEFF +" Package (including also a EUR 35 million GEFF III loan). Up to EUR 2.8 million is expected to be co-financed by Canada through the multi-donor fund High-Impact Partnership on Climate Action ("HIPCA Canada"). A comprehensive Technical Cooperation support for this operation will be funded by the European Union as part of the Morocco Decarbonisation and Climate Resilience ("MDCR"). The proceeds of the loan will be used by BoA and its leasing subsidiary Maghrebail for on-lending to private companies to finance their climate change mitigation and adaptation investments.
Project Objectives
The project will promote a green economy in Morocco by supporting eligible private sector Corporates implementing mid-size climate-resilient investments. The project will specifically target, among other things: mid-size renewable energy investments, mid-size industrial energy efficiency sub-projects (such as energy efficiency upgrading of industrial sites), green buildings, eligible private sector investments in the municipal infrastructure sector, as well as climate adaptation projects (such as wastewater treatment or water desalination) and circular economy investments.
Transition Impact
ETI score: 60
Transition impact is expected to derive from the Green quality under the Morocco MidGEFF Framework.
Green: the Framework and the proposed transactions will promote the transition to environmentally, sustainable, low-carbon and climate-resilient economy in Morocco.
Client Information
BANK OF AFRICA SA
BMCE - Bank of Africa ("BOA"), a private commercial bank incorporated as a joint-stock company in Morocco. BoA operates in Morocco, in 20 African countries and has a presence in Europe, Asia and North America. BoA is the third largest bank in Morocco and holds a market share of ca. 17% by assets, loans and deposits. BoA is listed on the Casablanca Stock Exchange with a market capitalisation of ca. EUR 4.1bn as of January 2025.
EBRD Finance Summary
EUR 32,200,000.00
Total Project Cost
EUR 35,000,000.00
Additionality
The project offers a combination of (i) long-term financing and (ii) technical assistance into a comprehensive package that promotes private sector mid-size green, low-carbon and climate-resilient investments.
Environmental and Social Summary
Categorised FI (2019 ESP). BoA is an existing client, and its environmental and social (E&S) performance under current exposures has been satisfactory. BOA has an established E&S policy and publishes its annual reports, including E&S performance, on its website. BOA is expected to maint
