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With CIB Offshore, developing the economy in the free zones of Tangiers and Kenitra
Project
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Signature date
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Location
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Morocco
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Financing tool
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Financing amount (Euro)
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30000000
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Financing details
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EUR 30m loan
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Customer
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CHAABI INTERNATIONAL BANK OFFSHORE
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Type of customer
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Financial institution
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Project number
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PMA1106
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Environmental and social ranking
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IF-A
This information is given at the time of signature, without prejudice to any developments in the operation/project.
CIB Offshore’s activities include support for investors in free zones in Tangiers and Kenitra, in Morocco. Proparco is supporting this activity by financing industrial companies which are established there.
Client presentation
Chaabi International Bank Offshore (CIB Offshore) was set up in March 2005 and is a subsidiary 100%-owned by Banque Populaire du Maroc Group, the country’s second largest banking group in terms of total balance sheet. This subsidiary is responsible for supporting investors in free zones in Morocco and the Group’s foreign-currency financing operations.
Project description
Proparco’s credit line is earmarked to finance industrial companies established in free zones in Morocco. It is Proparco’s second operation to support Chaabi International Bank Offshore.
Project impact
This operation will support the development of the local economic base in the free zones of Tangiers and Kenitra. It will create between 1,000 and 2,000 direct jobs in this region, thereby contributing to decentralizing economic activity of the Casablanca-Rabat zone. In addition, it will contribute to strengthening the industrial sector and Morocco’s export products.