Release date: 14 January 2011
Promoter – Financial Intermediary
Club Méditerranée
Location
Description
Comprehensive upgrading and refurbishment of the Club Med-managed Yasmina hotel complex (built in 1970). This is a 17 ha resort located in the Cabo Negro region (in the north of Morocco), 70 km from Tangier and 17 km from Tétouan. The project involves expansion of the existing capacity from 621 to 916 beds and upgrading of the resort. The period during which the resort will be open will also be extended from 100 to 140 days a year. Club Med pays an annual fee to Yasmina's owner, Société Immobilière de la Mer (SIM, the EIB's proposed borrower), on a 15-year lease.
Objectives
The proposed project (the comprehensive upgrading of the Yasmina resort) forms part of a wider strategic development programme being implemented by Club Med in Morocco. The operation involves the refurbishment and comprehensive upgrading of the existing buildings and facilities, the relocation of certain services within the site and a 50% increase in its accommodation capacity.
Comments
Sector(s)
Proposed EIB finance (Approximate amount)
EUR 12.75m (upto 50% of the total project cost)
Total cost (Approximate amount)
EUR 25.6m
Environmental aspects
If this project were located in the EU, it would come under Annex II to Directive 97/11/EEC. However, given the nature and limited scale of the project, it should be examined in detail by the competent local authority and an environmental impact assessment by the Bank should not be necessary. Nonetheless, in view of its coastal location, particular attention will be paid to the project's environmental status during the appraisal.
Compliance with Moroccan legislation will be checked as part of the appraisal. The progress of environmental studies and public consultations will be examined and their results will be evaluated against EU indicators.
Procurement
This is a private sector project, to which EU procurement legislation does not apply. The promoter follows current industry practices based mainly on consultations among potential providers of goods and services. The specific procedures employed will be confirmed during the appraisal.
The Bank will require the promoter to ensure that the project is implemented in accordance with the EIB's Guide to Procurement.
Status
Signed - 26/01/2012
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).