604153 - Governance for Sustainability Morocco

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Summary of Advisory Services Project Information

Project Number

604153

Primary Business Area

Environment, Social and Governance

Disclosure Date

Nov 18, 2020

Country

Morocco

Region

Africa

IFC Approval Date

Aug 7, 2019

Status

Active

Estimated Total Budget

$1,351,000.00
(Project budget includes all project-funded activities)

Last Updated Date

Sep 30, 2022

Project Estimated Start Date

Jul 1, 2019

Project Estimated End Date

Jun 30, 2024

Project Description

The Governance for Sustainability (G4S) Program helps to unlock investment opportunities by enhancing the ESG performance of IFC’s client firms and strengthening the enabling environment for stronger ESG standards in Morocco. Advisory services are provided with the following objectives: (1) support to IFC’s pipeline clients in preparation for investment through in-depth advice on governance and sustainability oversight (CGassessments, implementation support and specialized training) and support to IFC’s existing clients to improve their standards; (2) incorporate CGand E&S standards into Morocco’s regulatory environment to make the capital markets stronger and more attractive for investment; covering work with the Moroccan Government to update the CG Codes and the Casablanca Stock Exchange and the Capital Markets Authority to enhance transparency and disclosure of ESG practices; (3) strengthen capacities of local intermediaries and adjust their ESG service offerings to respond to the specific advisory needs of IFC’s clients, by this help to ensure their long-term impact and establish a sound exit strategy by developing local capacity to deliver and support firms on governance and sustainability oversight over the long-term. Overall, the G4SProgram is contributing to increasing private sector led growth, creating jobs, and expanding access to finance for firms.

Development Results

IFC'S engagement is expected to deliver a sustainable development impact by promoting better sustainability standards and practices in firms and in the market, enabling investment in a sustainable manner and making firms and the market more resilient thanks to improved ESG practices. Currently, ESG standards in Morocco are not consistently promoted throughout the market and firms struggle to understand what specific practices they need to change and adopt to access investment and become more sustainable while intermediaries are not equipped to help them develop better practices. The expected systemic improvements in institutions, policies, standards, and governance targeted by this project should help clients to reduce their ESG-related risks, make them more resilient in the face of adverse social and environmental shocks, and increase their ability to access long-term finance, also help them withstand economic shocks. Improved ESG standards are expected to help deepen the Moroccan capital market, providing access to long-term funding, and reducing exposure to short-term market fluctuations.

Indicator	Cumulative
Number of entities accessing investment/financing	0
Number of entities reporting improved performance (e.g., improvements in productivity, accountability, operations, loan terms, valuations)	0
Sales revenue (US$)	0
Number of entities receiving in-depth advisory services	2
Number of new laws/regulations/amendments/codes/government policies drafted, or contributed to the drafting	1
Value of financing facilitated (US$)	0
Value of IFC financing facilitated (US$)	0
Number of women trained by project-trained people and/or institutions	0
Number of entities that implemented recommended changes	null
Number of recommended laws/regulations/amendments/codes enacted or government policies adopted	null
Number of workshops, training events, seminars, conferences, etc. conducted with/by partners	null
Number of entities trained by partners	null
Number of trainers trained	null
Number of entities receiving advisory services	null
Number of individuals trained by project-trained people and/or institutions	null
Number of participants in workshops, training events, seminars, conferences, etc.	null
Number of participants providing feedback on satisfaction	null
Number of participants reporting satisfied or very satisfied with workshops, trainings, seminars, conferences, etc.	null
Number of women participants in workshops, training events, seminars, conferences, etc.	null
Number of workshops, training events, seminars, conferences, etc.	null

E&S Risks / Impacts and Mitigation

Performance Standard	Description and Potential Impact	Mitigation
PS 1. Assessment and Management of Environmental and Social Risks and Impacts	As part of its Due Diligence, and as mandated by IFC's Sustainability Policy, IFC team has screened this project to assess consistency with IFC's Performance Standards.	IFC's advice will be provided in a manner consistent with the principles of the relevant Performance Standards. The IFC team will assist the client, as the final decision maker, in gaining a good understanding of IFC's Performance Standards.

This Summary of Advisory Services Project Information (ASPI) is prepared by IFC to disclose a factual summary of the main elements of this advisory services project. It may also include findings and recommendations related to environmental and social considerations regarding this project. The purpose of the ASPI is to enhance the transparency of IFC's activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the client. IFC considers that this ASPI is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein.
It is distributed within sixty days of project's approval and may be updated periodically afterwards. Total budget and start dates are estimates only. The following ASPI is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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