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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 | 507094 |
| Project name | GEF PVMTI Salafin |
| Country | Morocco |
| Sector | Finance & Insurance |
| Department | Environment & Social Development |
| Company name | Salafin SA |
| Environmental category | C |
| Date SPI disclosed | August 30, 2001 |
| Projected board date | October 1, 2001 |
| Status | Completed |
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| Project sponsor and major shareholders of project company |
| Salafin S.A. (Salafin or the company) is incorporated in Morocco and is a 100% subsidiary of Banque Marocaine du Commerce Extérieur (BMCE). In implementing its business plan, the company will partner with Afrisol S.A. (Afrisol), the market leader in the Moroccan PV industry. Afrisol is 50% owned by GREN (Groupe pour la Défense Stratégique de l’Environnement), another 100% subsidiary of BMCE. |
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| Total project cost and proposed IFC investment |
| Total project cost is estimated at $6,500,000, with a proposed IFC/GEF PVMTI guarantee facility and grant investment of $1,000,000. |
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| Location of project and description of site |
| The company has its headquarters in Casablanca. The project will be implemented in rural areas throughout Morocco. |
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| Description of company and purpose of project |
Afrisol plans to provide small scale loans to finance the purchase of DC and AC Solar Home Systems, PV powered water pumps and PV powered fridges. The company will be one of the first mainstream financial institutions to provide credit into the rural PV market. The project aims to demonstrate the viability of this market and to thereby catalyze growth in sales of PV systems into rural areas of Morocco.
The venture 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 at providing financing and stimulating business activity to accelerate PV penetration so as 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 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 Procedure for Environmental and Social Review of Projects, because it is likely to have minimal or no adverse environmental impacts. 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. The company will ensure that Afrisol will establish a battery-recycling program who is already in discussion with two recycling companies in Casablanca.
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| To contact the project company, please write to: |
Ghislaine Lachaal, Project Manager
Salafin SA
Rue Arrachid Mohamed
Immeuble Iman Center
Casablanca, Morocco
Phone: (212) 22 44 00 72
Fax: (212) 22 44 02 15 |
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