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| This Summary of Project Information is prepared and distributed to the public in advance of the IFC Board of Directors’ consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC’s activities, and this document should not be construed as presuming the outcome of the Board decision. |
Summary of Project Information (SPI) |
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| Project number | 508073 |
| Project name | GEF PVMTI Al Amana & Noor Web |
| Country | Morocco |
| Sector | Finance & Insurance |
| Department | Environment & Social Development |
| Company name | Association Al Amana pour la Promotion des Microentreprises |
| Environmental category | C |
| Date SPI disclosed | July 8, 2002 |
| Projected board date | August 9, 2002 |
| Status | Pend Approval-NonInv |
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| Project sponsor and major shareholders of project company |
Al Amana is an independent, autonomous not-for profit micro-finance institution. The company is headquartered in Rabat, Morocco.
Noor Web is a supplier of photovoltaic systems and related energy services in rural and remote areas of Morocco. Noor Web is incorporated in Morocco and owned by: Shell Overseas Investment (39%); Al Tayyar – a middle east investment fund-- (21%); Marocaine Industrielle Financière Agricole (18%); Mr. Frederick Vreeland –an individual-- (10%); E&Co (9%), and others (3%). |
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| Total project cost and proposed IFC investment |
| Total project cost is estimated at US$3,000,000, with proposed IFC/GEF PVMTI credit guarantees and grant investment of US$720,000. |
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| Location of project and description of site |
| The project encompasses the introduction of a micro-credit scheme by Al Amana to support the purchase of PV systems by private households in the Taroudant region of Morocco, with an option to expand into additional areas throughout Morocco. |
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| Description of company and purpose of project |
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. |
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| Environmental and social issues - Category C |
This is a Category C project according to IFC’s environmental and social review procedure. No further environmental review is therefore required. To the knowledge of the IFC PVMTI External Management Team, there are no specialized facilities in Morocco at an industrial scale to recycle battery casings (mostly hard plastic), electrolyte, separators or chemical deposits. This situation is evolving, and substantial improvement can be envisaged within the next 3-5 years. Al Amana will require Noor Web, and any other suppliers, to establish a battery-recycling program in connection with the project.
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| To contact the project company, please write to: |
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 |
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