50058 - CdM Agri RSF

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Summary of Investment Information

Project Number

50058

Company Name

RSF CDM

Date SPI Disclosed

Sep 3, 2026

Country

Morocco

Region

Africa

Projected Board Date

Aug 29, 2025

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Sep 3, 2026

Department

CF3NA - Regional Industry - FIG Africa/FIG North Africa

Industry

Financial Markets

Sector

Commercial Banking - Rural Finance

Additional Project Attributes

Blended Finance

Project Description

The proposed investment consists of an unfunded Risk Sharing Facility (RSF) package to Credit du Maroc (CDM or the Bank), Morocco's seventh-largest privately-owned bank. IFC will guarantee up to 50 percent of CDM’s credit risk on a target portfolio of loans to Small and Medium-Sized Enterprises (SMEs) operating in the agricultural sector and rural areas in Morocco (Eligible SMEs) (the Project). The Project aims to support the Bank in expanding its SME lending operations in the agricultural sector and rural areas in Morocco, in partnership with agri-technology companies to enhance financial inclusion of Eligible SMEs and improve their productivity. The Project is supported by the Global Small and Medium Enterprises Financing (GSMEF).

Associated Advisory Engagement

The Project is a follow-up to an IFC upstream program, whereby the Bank would partner with IFC and an agri-technology company to support the financial inclusion of Eligible SMEs. IFC will provide Advisory Services to CDM for capacity building and to help scale up SME agri-financing and productivity in the agri sector in Morocco.

Sponsor / Cost / Location

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
Guarantee	Loans to SME Borrowers
Guarantee	Loans to SME Borrowers
Purchased Guarantee	Loans to SME Borrowers

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

Development Impact

The most significant expected project-level outcome is increased access to financing for agri SMEs in Morocco. Beyond the Project outcome, IFC anticipates that the Project will contribute to strengthening the resilience of the agricultural supply and value-chain in Africa by scaling the agricultural sector lending and demonstrating the commercial viability of lending to the sector.

IFC's additionality in the Project is both financial and non-financial. Financial additionality will be provided in the form of financing structure as IFC will provide a risk mitigation instrument in partnership with an agri-technology company, not readily available in the local market, which will cover potential losses on eligible agri SME loans originated by CDM. Non-financial additionality will be provided in the form of knowledge, innovation and capacity building, as IFC will offer technical assistance to CDM to support the Bank in scaling its agri SME lending.

E&S Category Rationale / Risks and Mitigation

The project consists of unfunded risk-sharing facilities (RSFs) to support the Bank expand its SME lending operations to the agricultural sector in Morocco. The project will cover agri SMEs. The risk related to the portfolio of loans to agri SMEs is considered medium. The E&S risks and impacts associated with the supported agri SMEs, typically include biodiversity, occupational health and safety, pollution prevention, waste management, labor and working conditions issues, among others and considered limited and readily addressed through established mitigation measures. Therefore, the Project has been categorized as FI-2 in accordance with IFC’s Sustainability Policy.
For this project, CdM will be required to have the capacity and a system in place to identify and manage the potential environmental and social risks associated with financing agri SMEs. As such it will need to screen the eligible clients against the IFC Exclusion List; Morocco E&S laws and regulations; IFC Performance Standard (PS) 2 on Labor and Working Conditions; and PS 6 on Biodiversity Conservation and Sustainable Management of Living Natural Resources. The Project will not support coal-related activities, forestry, mining, and / or higher risk business activities that may include: (i) involuntary resettlement; (ii) risk of adverse impacts on indigenous peoples; (iii) significant risks to or impacts on the environment, community, health and safety, biodiversity or cultural heritage; (iv) retrenchment; or (v) significant occupational health and safety risks (e.g., risk of serious injury or fatality to workers). CdM will also be required to meet Life & Fire safety requirements and the requirements of IFC’s PS 2. CdM’s HR policies and practices are generally in line with IFC's PS 2.

CdM has developed an environmental and social management system (ESMS) aligned with the E&S laws in Morocco and the IFC Performance Standards. The SGES covers all sizes of companies: MSMEs and large companies. The procedure to manage E&S risks includes all the steps of E&S risk management: screening against the exclusion list, categorization, E&S risk assessment, integration of an action in the legal agreement with the client, monitoring, reporting, roles and responsibilities.
The Bank has tools, such as GMAP in place to conduct high level assessments of risks related to child labor, the conversion of natural and critical habitats, and loss of biodiversity. The Bank does not have a specific screening tool for Agri projects. Tools more adapted to the local context will need to be developed to identify and manage risks linked to child labor and biodiversity.

S.no	Title	Anticipated Completion Date
1	Develop an E&S risk management training program	09/30/2025
2	Improvement of an Environmental and Social Management System	09/30/2025
3	Implement the E&S risk management training	09/25/2025

Contacts

For Inquiries About the Project, Contact

Credit du Maroc S.A
Hanane Laala
CFO
+212 (0) 522477891
Hanane.Laala@cdm.ma
201, Boulevad d'Anfa, Casablanca
https://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.

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.

Indicator	Metrics	Comments	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Number of Outstanding Loans, SMEs : (target group)	number		Not Available	Not Available	Not Available
Target group as a share of reference MSME loan portfolio	%		Not Available	Not Available	Not Available
Value of Outstanding Loans, SMEs : (target group)	USDMill		Not Available	Not Available	Not Available

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