Summary of Proposed Investment
Project Number
520506
Company Name
Fondation Zakoura Micro Credit
Date SPI Disclosed
Feb 6, 2003
Country
Morocco
Industry
Infrastructure
Projected Board Date
Mar 12, 2003
Status
Completed
Sector
Other
Department
Advisory Services
Environmental Category
C - No Impact
Project Description
This PVMTI subproject will facilitate the introduction of a microfinance credit scheme to accelerate the uptake of solar home systems (SHS) in rural areas of Morocco. Zakoura, a leading microfinance institution, will provide a range of credit packages to buyers of SHS in partnership with multiple PV suppliers selected by Zakoura, which are able to comply with the PVMTI technical guidelines. IFC will provide a partial credit guarantee for Zakoura, so that it can access debt financing for the project locally from Société Générale Marocaine de Banques (Soc Gen).
The project is financed by the IFC/GEF Photovoltaic Market Transformation Initiative (PVMTI). The Global Environment Facility (GEF) has provided $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.
The project is financed by the IFC/GEF Photovoltaic Market Transformation Initiative (PVMTI). The Global Environment Facility (GEF) has provided $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
Aziz Benmazouz
Fondation Zakoura
6, Rue Najib Mahfoud
Quartier Gauthier Casablanca
20000 Casablanca, Maroc
Phone: +212 (0)22 22 64 21; Fax: +212 (0)22 22 65 05
E-mail: zakouramc@casanet.net.ma
Fondation Zakoura
6, Rue Najib Mahfoud
Quartier Gauthier Casablanca
20000 Casablanca, Maroc
Phone: +212 (0)22 22 64 21; Fax: +212 (0)22 22 65 05
E-mail: zakouramc@casanet.net.ma