Maroc Telecom is majority owned (53%) by e& (previously known as Etisalat Group), a United Arab Emirates-based multinational technology and telecommunications operator that serves more than 160 million subscribers across the Middle East, Africa and Asia. The Kingdom of Morocco is the Sponsor’s second largest shareholder with a 22% stake. Other shareholders include senior management (0.04%) and 0.01% are held as treasury stock. The remaining 24.95% of Maroc Telecom’s shares are publicly traded on the Casablanca and Paris Stock Exchanges.

The Project is expected to have an overall cost of up to EUR375 million with proceeds being used for (i) refinancing of existing debt and (ii) funding of maintenance and expansionary capital expenditures (including license renewal and acquisition costs). 

IFC will support the Project with a debt facility of up to EUR375 million comprising of up to EUR234 million from IFC’s own account and up to EUR141 from mobilized funds.

The proceeds will be used to support Maroc Telecom’s operations and investments across eight subsidiaries in Sub-Saharan Africa, namely Benin, Burkina Faso, Chad, Côte d’Ivoire, Gabon, Mali, Niger and Togo.

 This is a Category B project according to IFC's Policy on Environment and Social Sustainability (2012), since it is expected to have limited adverse E&S impacts that are few, site-specific, reversible, and readily addressed through existing mitigation measures and Good International Industry Practices (“GIIP”). 

Key E&S aspects associated with the Project include (a) the subsidiaries’ ESMSs; (b) management of labor and working conditions and occupational health and safety (“OHS”) policies and practices, including for contractor workers; (c) impacts on community health and safety including impacts from electro-magnetic fields (“EMF”), road transport, and security; (d) assessment and management of biodiversity impacts; and (e) stakeholder engagement.