Summary of Proposed Investment
Project Number
508073
Company Name
AL AMANA MICROFINANCE
Date SPI Disclosed
Jul 8, 2002
Country
Morocco
Industry
Infrastructure
Projected Board Date
Aug 9, 2002
Status
Pending Approval
Sector
Other (For Non-Investment Projects)
Department
Risk Mgmt. and Financial Policy
Environmental Category
C - No Impact
Project Description
This PVMTI subproject will facilitate the introduction of a micro-finance credit scheme to accelerate the uptake of Solar Home Systems (SHS) under a Fee For Service (FFS) scheme sponsored by the Office Nationale de l’Électricité (ONE) in the Taroudant region of central Morocco, and the parallel introduction of consumer credit for a range of smaller SHS. Al Amana, a leading micro-finance institution, will provide a range of credit packages to buyers of SHS in partnership with Noor Web, or other IFC approved service suppliers; Al Amana will also extend credit to local micro-entrepreneurs acting as agents of Noor Web. IFC will provide a partial credit guarantee for Al Amana, so that it can access debt financing for the project from Banque Régionale Populaire, Rabat (BRP), Morocco. In addition, the Corporation will provide a credit guarantee on behalf of Noor Web, in order to secure funding from BRP for the expansion of its infrastructure under the project.
This is a project financed by the IFC/GEF Photovoltaic Market Transformation Initiative (PVMTI). The Global Environment Facility (GEF) has provided US$30 million in concessional funds to IFC to support investments in private sector projects to encourage market development for photovoltaics. PVMTI aims to address market barriers by making available appropriate financing and stimulating business activity, accelerating PV penetration to achieve reductions in greenhouse gases. By harnessing the innovation and discipline of the private sector in designing and implementing PV projects, IFC is helping to shift the design and financing of PV market activity to a more sustainable and replicable private sector context.
By investing PVMTI funds in the project, IFC intends to support the demonstration of a successful and replicable business model for the Moroccan, as well as other developing country PV markets.
This is a project financed by the IFC/GEF Photovoltaic Market Transformation Initiative (PVMTI). The Global Environment Facility (GEF) has provided US$30 million in concessional funds to IFC to support investments in private sector projects to encourage market development for photovoltaics. PVMTI aims to address market barriers by making available appropriate financing and stimulating business activity, accelerating PV penetration to achieve reductions in greenhouse gases. By harnessing the innovation and discipline of the private sector in designing and implementing PV projects, IFC is helping to shift the design and financing of PV market activity to a more sustainable and replicable private sector context.
By investing PVMTI funds in the project, IFC intends to support the demonstration of a successful and replicable business model for the Moroccan, as well as other developing country PV markets.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Mohamed Maarouf, Association Al Amana, 28 Rue Oum Arabia Agdal, Rabat. Phone: (037) 77 01 41 Fax (037) 68 67 12
Amin Benouna, Noor Web SA, 12 Bd Prince Moulay Abdella, Marrakech, Morocco. Phone: (04) 4 31 04 27. Fax (04) 4 31 04 99
Amin Benouna, Noor Web SA, 12 Bd Prince Moulay Abdella, Marrakech, Morocco. Phone: (04) 4 31 04 27. Fax (04) 4 31 04 99