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Summary of proposed guarantee

Summaries of proposed guarantees are provided prior to Board consideration and before final contract signing, and they are therefore subject to change. Project briefs are disclosed after Board consideration and contract signing and reflect the terms of the project at the time of contract signature. Environmental and Social Review Summaries are provided for projects assigned an Environmental Assessment Category of A or B.


Project name
Soroa Pépinières, S.A.R.L.
Project ID
Fiscal year
Not Active
Guarantee holder
F.C.R. de Régimen Simplificado
Fons Mediterrània Capital
Investor country
Host country
Environmental category
Date SPG disclosed
February 27, 2012
Project Board date
March 14, 2012
Gross exposure
 $2.7 million
Project type

Project Description

This summary covers an investment by Fons Mediterrània Capital, F.C.R. de Régimen Simplificado of Spain (FMC) in Soroa Pépinières, S.A.R.L. (Soroa) in Morocco. The investor has applied for a MIGA guarantee of €1.99 million ($2.63 million equivalent) for a period of up to five years against the risks of transfer restriction, expropriation, and war and civil disturbance.

The project involves coverage of Soroa, an existing portfolio company of FMC, a Spanish private equity fund. Soroa is dedicated to the production of potted flowers and ornamental potted plants for distribution in the Moroccan market.  It focuses on spring and summer seasonal flowers such as geraniums; aromatic plants such as lavender, thyme, and rosemary; and bushes such as abelias, convolvulus, and junipers.  The plants are grown in a greenhouse and exterior fields and sold to private individuals, businesses and landscape professionals.

Environmental Categorization

This investment is a Category B project under MIGA’s Policy on Social and Environmental Sustainability as it has potentially limited adverse social or environmental impacts. The project is located on 13 hectares of existing nursery land near Larache, Morocco, where operations started in 2008. The horticultural nursery is producing seasonal plants, aromatic plants and bushes in containers using a fully automated irrigation system with water supplied by a borehole. All fertilizers and chemicals are applied through the irrigation system. Key potential impacts include workers’ health and safety as well as pollution mitigation. The potential impacts are largely reversible and readily addressed through mitigation measures. The company has provided MIGA with a social and environmental impact assessment in line with MIGA’s Performance Standards.

Development Impact

Soroa has had a positive impact on the local economy of Larache since 2008. The main impacts expected of FMC’s involvement in the project are greater employment generation and knowledge transfer.  FMC has introduced new social responsibility, corporate governance, and management best practices into the company, which should have a positive demonstration effect on other enterprises in Larache. Moreover, Soroa has supported the development of its workforce by sponsoring external educational courses for its best employees. 

MIGA’s proposed support to FMC and this project is consistent with the first pillar of the World Bank Group’s Country Partnership Strategy for Morocco, which emphasizes employment, growth and competitiveness.

In addition, the project is consistent with MIGA’s efforts to mobilize $1 billion in insurance capacity to support foreign direct investment into the Middle East and North Africa. 

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