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        ASSOCIATIONS DE MICRO-CREDIT II

        Signature(s)

        Amount
        € 10,000,000
        Countries
        Sector(s)
        Morocco : € 10,000,000
        Líneas de crédito : € 10,000,000
        Signature date(s)
        11/12/2004 : € 10,000,000

        Summary sheet

        Release date
        26 November 2004
        Status
        Reference
        Signed | 11/12/2004
        20040392
        Project name
        Promoter - financial intermediary
        2nd "Micro-Credit Associations" global loan
        Moroccan microcredit associations selected by the EIB (notably Al Amana and Zakoura)
        Proposed EIB finance (Approximate amount)
        Total cost (Approximate amount)
        EUR 10 million.
        EUR 20 million (the EIB's loan will finance no more than 50% of the increase in the borrowers' outstandings over a period of approximately one year).
        Location
        Sector(s)
        Description
        Objectives

        Establishment of a long-term (10-year) credit line from risk capital resources for leading Moroccan microcredit associations to finance their lending to small-scale enterprises. This facilily will have the features of a loan in dirhams (the exchange risk will be borne by the Community budget).

        To support the development of microcredit in Morocco and thus contribute to the expansion of private-sector activities, the advance of women and a reduction in poverty.

        Environmental aspects

        No significant impact on the environment as such, owing to the very small size of the projects. There may, on the other hand, be a considerable social impact (large number of beneficiairies, the majority of whom etablish sustainable activities).

        Comments

        Financial (and a wide range of small-scale economic activities, mainly commerce, crafts and trades, as far as the final beneficiaries are concerned)

        Disclaimer

        Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
        They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

        General enquiries and comments

        The EIB is committed to open communication and encourages constructive stakeholder input regarding its activities.
        Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
        Alternatively, the EIB can be contacted through its external offices.
        Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.

        Media enquiries

        Media-related enquiries can be addressed to the EIB Press Office. Please also visit our Media information section.

        Complaints mechanism

        Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.

        Zero tolerance against fraud and corruption

        The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Investigations Division. All reports will be treated as strictly confidential and handled in line with EIB investigation procedures and the EIB Group Anti-Fraud Policy.

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