47017 - WCS CdM

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Summary of Investment Information

Project Number

47017

Company Name

CREDIT DU MAROC SA

Date SPI Disclosed

Nov 18, 2022

Country

Morocco

Region

Africa

Projected Board Date

Dec 20, 2022

Environmental Category

FI-2 - Limited

Status

Completed

Last Updated Date

Sep 1, 2024

Department

Regional Industry - FIG Africa

Industry

Financial Markets

Previous Events

Approved : Dec 20, 2022
Signed : Dec 31, 2022
Invested : May 15, 2023

Sector

Commercial Banking - General

Project Description

The project consists of a Working Capital Solutions (“WCS”) facility to Crédit du Maroc (“CdM” or the “Bank”) of up to US$50 million. The facility will have a maturity of up to 3 years. The project will enable the Bank to expand its foreign currency trade and working capital lending to enterprises in Morocco, including to small and medium-sized enterprises (“SMEs”).

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	50.0
Equity

IFC's loan to the financial institution described in this SII is targeted for on-lending to the following sector(s):

Product Type	Use of Proceeds
Straight Senior Loan	Trade

IFC's Definitions of Targeted Sectors can be found here.

Development Impact

The most significant project outcome will be the access to working capital financing for Crédit du Maroc and through Crédit du Maroc, its customers. The IFC facility will support Crédit du Maroc's capacity to sustain its customers' operations in a challenging macroeconomic context. The project is also expected to help preserve Morocco's private sector by supplying foreign currency working capital to support operations of businesses in this context, thus making it more resilient.

Financial Additionality - Financing Structure: Through this project, IFC seeks to provide a facility of up to US$50 million to support Crédit du Maroc's trade finance business. The facility will have a maturity of up to three years. This US Dollar facility is purposed to provide US dollar liquidity support to Crédit du Maroc to sustain its trade finance business development especially in the context of the war in Ukraine and massive demand for financing from its import and export customers, as well as in a shareholding transition period where Crédit du Maroc is aiming to diversify its foreign currency sources.

E&S Category Rationale / Risks and Mitigation

The Project will support the Bank in increasing its lending to traders, corporates and Small and Medium Enterprises. Sectors to support will include, among others, activities such as agriculture, energy, real estate and public works and industrials. The portfolio is considered medium risk from an environmental and social perspective, and as such, the Project has been categorized as FI-2 in accordance with IFC's Sustainability Policy. This Project will not support coal related activities, upstream oil and gas activities, Category A activities and higher-risk business activities that may include: a) involuntary resettlement, b) risk of adverse impacts on indigenous peoples, c) significant risks to or impacts on the environment, community health and safety, biodiversity, cultural heritage, or d) significant occupational health and safety risks. The Bank has developed HR policies and procedures that meet the IFC Performance Standards2. For this Project, the Bank will be required to screen supported transactions against the IFC Exclusion List and national E&S laws and regulations in Morocco. In addition, the Bank will be required to meet Life & Fire Safety requirements and the requirements of IFC's Performance Standard 2 on Labor and Working Conditions. The main E&S risks and impacts of the Project derive from the Bank's capacity to identify and manage the potential E&S risks and impacts associated with the sub-projects supported under this transaction. These risks are typically associated with labor and working conditions, occupational health and safety, pollution prevention and atmospheric emissions, and waste and wastewater management, among others.

The Bank is required to develop an ESMS commensurate to its on-lending activities. The ESMS will include required provisions and templates to ensure the eligible loan portfolio is screened against the applicable E&S laws and regulations of Morocco as well as the IFC exclusion List. The Bank is also required to designate an E&S officer in charge of developing and oversighting the implementation of ESMS and ensure regular trainings on ESMS for staff.

Action	Deadline
Appoint an E&S officer	Condition to Commitment
Develop an ESMS	Condition to disbursement
Develop E&S training plan	Condition to disbursement
Send the implementation report	6 months after disbursement
Implement the E&S training	3 months after disbursement

Contacts

For Inquiries About the Project, Contact

Crédit du Maroc S.A.
Abderrahman Bennis
Head of Corporate Development
+212 (0) 522-477-044
Abderrahman.Bennis@ca-cdm.ma
48-58 Boulevard Mohamed V, Casablanca
http://www.creditdumaroc.ma

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This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII 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 project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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