Project Description
This summary is related to an application requesting MIGA to provide a Non-Honoring of Financial Obligations by a State-Owned Enterprise (“NHFO-SOE”) guarantee to commercial lenders, yet to be identified, to cover approximately EUR 600 million of debt financing to be provided to OCP SA, Morocco’s largest SOE. The proceeds of the MIGA-guaranteed loan will be used for the financing of the construction of a new campus located in Rabat of the Mohammed VI Polytechnic University (the “Project”) with a total cost estimated to be around EUR 615 million. The contemplated maturity of the MIGA-guaranteed loan is 10 years.
The Mohammed VI Polytechnic University (“UM6P”) is a higher education institution offering multidisciplinary vocational and technical training to Moroccan and other African youth. UM6P is fully owned by OCP SA through its foundation, OCP Fondation, and operates a first campus since 2015 in Benguerir Mohammed VI Green City with current enrollment of 2,182 students. The Project involves the expansion of UM6P through the construction of a new campus in the municipality of Hssaine, in Salé prefecture near the city of Rabat that will host the Faculty of Governance, Economics and Social Sciences, the School of Hospitality Business and Management and a Moroccan International Center of Artificial Intelligence. The construction of the Project is ongoing and is being implemented in two phases. Phase 1 and Phase 2 will have capacities of 500 and 1500 students with targeted completion dates of September 2021 and August 2022, respectively. In addition to the academic buildings, the Project will include several other facilities such as multisport centers, digital learning laboratories, a language center and accommodations offering the students a comprehensive learning environment and a wide range of services.
Environmental and Social Categorization
The Project is a Category B under MIGA’s Policy on Environmental and Social Sustainability (2013). Click here to view the Environmental and Social Review Summary.
Development Impact
The Project has the potential to improve educational access by increasing the number and range of educational facilities available in Morocco, and is intended to support the training of the next generation of Moroccan leaders while conducting public policy research to inform policymaking in Morocco and across the African continent. In addition, consistent with UM6P’s emphasis on environmental sustainability, the Project is expected to introduce specialized facilities and innovative measures for water management and energy efficiency.
