RGON Facility

hold

The proposed IFC investment is a 15-year senior loan of up to US$40 million equivalent to Region Guelmim-Oued Noun (“RGON”, the “Region”), one of the 12 Regions of Morocco, to co-finance eligible infrastructure subprojects under the Regional Development Plan (RDP) for 2022-2027.  RGON’s RDP’s objectives over the next five years include: (i) enhancing the Region’s GDP, (ii) fostering job creation and reducing unemployment, (iii) becoming a national hub for renewable energy, sustainable and circular economy, (iv) becoming a national hub for blue economy, and (v) a destination for sustainable tourism. There are 96 proposed subprojects outlined in the RDP, some of which will be considered under the IFC investment. RGON generally develops and funds projects on land owned by the Region, or within existing reserves/servitudes.  IFC proceeds will only go towards CAPEX-related investment with limited environmental and social (E&S) risks and impacts, with funding not extending to subprojects resulting in any degree of involuntary physical and/or economic displacement or impacts on sensitive biodiversity areas.