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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
Redal S.A. and Amendis S.A.
Project ID
Fiscal year
Guarantee holder
Actis Morocco Holdings Ltd.
Investor country
Host country
Environmental category
Date SPG disclosed
November 27, 2013
Projected Board date
January 14, 2014
Gross exposure
 $195.0 million
Project type
Strategic priority area
Complex Project
Environmental and Social Review Summary in PDF, November 27, 2013

Project description

This summary covers an investment by Actis Morocco Holdings Ltd. of Mauritius in Redal S.A and Amendis S.A in Morocco. The investor has applied for MIGA guarantees of up to $195 million for a period of up to 15 years against the risks of transfer restriction, expropriation, war and civil disturbance, and breach of contract.

Redal S.A and Amendis S.A are integrated utilities providing electricity, water, and wastewater treatment/distribution services in the municipalities /areas of Rabat, Tangier, and Tetouan under separate concessions. Actis, a private equity firm, is acquiring Redal S.A and Amendis S.A from Veolia Services a l’Environnement Maroc with planned new investment for further expansion. The existing concessions will be effective for another 12-15 years after the Actis’ acquisition.

Environmental Categorization

The project is a category B under MIGA’s Policy on Social and Environmental Sustainability. Click here to view the Environmental and Social Review Summary.

Development Impact

This project will provide customers access to safe and reliable electricity, as well as water and wastewater treatment services. Actis intends to continue Redal’s and Amendis’ participation in Morocco’s National Initiative for Human Development program to connect disadvantaged households to critical infrastructure.

The project is consistent with World Bank Group’s current Country Partnership Strategy for Morocco, which seeks to promote growth, employment, competitiveness, and delivery of public services to citizens. The Bank is engaged in Morocco’s energy sector by supporting renewable energy programs and helping to implement price reforms to reduce the budgetary burden of price subsidies, as well as ensure the financial viability of energy operators.

The project is also aligned with MIGA’s strategic priority of supporting investments in complex infrastructure projects, as well as the Agency’s efforts to leverage $1 billion in insurance capacity to support foreign direct investment into the Middle East and North Africa.

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