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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
JP Industrie, S.A.
Project ID
Fiscal year
Not Active
Guarantee holder
F.C.R. de RĂ©gimen Simplificado
Fons MediterrĂ nia Capital
Investor country
Host country
Environmental category
Date SPG disclosed
February 27, 2012
Project Board date
March 14, 2012
Gross exposure
 $3.4 million
Project type

This summary covers an investment by Fons Mediterrània Capital, F.C.R. de Régimen Simplificado of Spain (FMC) in JP Industrie, S.A. (JPI) in Morocco. The investor has applied for a MIGA guarantee of €2.61 million ($3.44 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 JPI, an existing portfolio company of FMC, a Spanish private equity fund. JPI specializes in manufacturing, marketing, and installing aluminum and PVC building supplies for the construction and home improvement markets in Morocco.  Its main products are aluminum and PVC (plastic) windows and doors, but it also offers carpentry products and installation of air conditioners. 

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. JPI is located on six hectares of land within an industrial park in El Jadida, where operations started in 1991. 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

JPI has had a positive impact on the local economy of El Jadida since 1991, particularly with respect to knowledge transfer through its training and development center that was set up with the support of the National Agency for the Promotion of Employment and Competitiveness of Morocco. The center trains 30 operators per year in techniques for the manufacturing, assembly, and installation of aluminum and PVC windows and doors, as well as other carpentry products. Following the course, a large portion of the students join JPI. FMC has also introduced new social responsibility, corporate governance, and management best practices into the company, which should have a positive demonstration effect on other enterprises in El Jadida. 

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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