The sponsors of Jaida and their respective initial shareholdings in the company are as follows: - Caisse de Dépôt et de Gestion of Morocco (45%) ; - Caisse des Dépôts et Consignations (20%); - Agence Française de Développement (10%) of France; and - Kreditanstalt für Wiederaufbau of Germany (25%).

IFC’s investment will be for up to MAD 85 million (approximately $10 million) in the form of mezzanine financing, which will be structured as Tier 2 capital, with an eight-year maturity and a three-year grace period.

20.63 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee	15.58
Loan	5.05
Equity

* These investment figures are indicative

Jaida will be located in Rabat, Morocco.

The project is expected to make a significant contribution to economic development by fostering economic growth and employment. Moreover, the project will achieve high impact by promoting commercially sound microfinance practices.

By providing mezzanine financing to Jaida, IFC would be acting as a catalyst for raising senior debt from other investors and contributing to the sustainable growth of microfinance institutions by bringing its unique experience in terms of corporate governance, operational best practice, global network and environmental and social standards.

This project involves IFC support for the business of microfinance, and has been classified as a Category FI project according to IFC’s Environmental and Social Review Procedure. Considering the nature of activities supported, the project will be required to:

- Develop a procedure relevant to its business process, prior to disbursement, that is satisfactory to IFC, and that ensures that all its investments are screened and processed to avoid supporting activities on the IFC Microfinance exclusion list;
- Identify qualified persons to manage and implement the procedure;
- Commit to establish a similar screening process to avoid supporting activities on the IFC Microfinance Exclusion List in MFIs in which it invests;
- Demonstrate commitment and resources to implementing the procedure, and take action to remedy any gaps in implementation on an ongoing basis; and
- Submit a periodic report to IFC as per a format to be provided by IFC providing a summary of the annual social and environmental performance of its investee institutions.