📋 Tender Overview
Location:
Morocco
Project number:
55650
Business sector:
Financial institutions
Notice type:
Private
Environmental category:
BE
Approval date:
12 Feb 2025
Status:
Exploratory
English-language PSD published:
09 Jan 2025
Project Description
Provision of a senior unsecured loan to Banque Marocaine pour le Commerce et l'Industrie ("BMCI") of up to EUR 30 million as part of a EUR 65 million "GEFF +" Package (including also a EUR 35 million GEFF III loan). Up to EUR 2.4 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 BMCI 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 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
MOROCCAN BANK FOR COMMERCE AND INDUSTRY (BMCI)
BMCI is a universal bank operating in Morocco since 1943.
BMCI is a 66.7% subsidiary of BNP Paribas, operating as a fully-fledged bank in Morocco. Other shareholders include AXA (8.9%), AtlantaSanad (8.4%) and a free float representing c. 16% of BMCI's shares.
EBRD Finance Summary
EUR 27,600,000.00
Total Project Cost
EUR 30,000,000.00
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). BMCI is an existing client, and its environmental and social (E&S) performance under current exposures has been satisfactory. As a subsidiary of the BNP Paribas Group, BMCI's E&S risk management practices are aligned with EBRD requirements. BMCI has an established E&S policy and publishes its annual reports, including E&S performance, on its website. BMCI is expected to maintain its E&S management system to effect
