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Finance and Projects

Our finance and projects team in Morocco advises on all aspects of financing, across borders, sectors and financial products.

We have experience in transactions involving lending and borrowing, debt securities, derivatives, financial services regulatory, alternative funds, portfolios and fintech solutions. 

Our projects know-how extends to project finance, public procurement, regulatory issues, environmental and construction and engineering law. We have represented consortia, promoters, sponsors, investment funds, banks, governments and local authorities. 

With one of the largest teams of dedicated finance and projects lawyers in the world and an established presence in Africa, we assist our Moroccan and international clients in developing and realizing their financial strategies and projects in whichever markets they do business. 

Our team's particular areas of focus are:

  • Debt capital markets
  • Derivatives
  • Financial services regulatory
  • Infrastructure finance
  • Public Private Partnerships (PPP)
  • Public Sector
  • Renewables
  • Transport
  • Water and waste

Experience has included advising:

  • The Moroccan Ministry of Energy on the reform of the renewable energy law;
  • The lenders in connection with the financing of the Safi independent power project (1320 MW) for a total value of USD2.6 billion;
  • A European development bank in relation to a EUR14 million financing granted to BMCE in the context of the Green Climate Fund facilities;
  • An Italian energy company regarding the application of Moroccan law pertaining to electricity production as a form of renewable energy for a 400 MW wind farm project;
  • A major Moroccan bank on complex financing and derivatives issues concerning variation margins and rules provided under EMIR and Dodd-Frank Act;
  • TMSA (Tangier Mediterranean Special Agency) in the development and the management of Tangier Med I and II port infrastructure under concession contracts (container terminals, oil terminals, towing services, vehicle terminal, water and electricity supply, etc.);
  • A German multinational bank regarding Moroccan legal and regulatory issues applicable to intra-bank loans concluded by SWIFT,  providing detailed regulatory advice on Moroccan law and prudential rules applicable to banks;
  • A French multinational bank on Moroccan banking prudential obligations in relation to the application of EU prudential rules;
  • A French multinational bank in a Moroccan law analysis regarding the legal qualification of guarantee deposits; and
  • EDF and the consortium in the bidding process for the granting of five PPAs for the design, financing, construction, commissioning, operation and maintenance of a 850 MW wind farm development project in Morocco.
  • Tier 1 in Projects and public law (The Legal 500 2020)
  • Tier 2 in Banking, finance and capital markets (The Legal 500 2020)
  • Saad El Mernissi recognized as a "leading individual" in Projects and public law (The Legal 500 2020)

Digital transformation and financial inclusion in Nigeria

The fintech industry is popular for its dynamic approach to delivery and relies on technological advances. Innovations such as blockchain, mobile payments and savings, peer-to-peer lending platforms, crowdfunding and similar internet-based solutions have radically transformed the financial services landscape in Nigeria, challenging its traditional business models and regulatory infrastructure. However, beyond the noteworthy advancements in this sector, a key concern is giving the country’s growing population access to these innovative solutions.

Open banking in Africa after COVID-19

Open banking is a system where banks allow or authorize third parties, such as financial technology or fintech companies, to access their clients’ financial data to build applications or services. Anchored on providing better customer experiences, open banking has stirred a lot of interest in Africa, including banking apps with detailed analytics of finances, the ability to send money from one bank to another using mobile phones, or the ability to transfer money from one telecoms network to another.

ESG implications of mine rehabilitation in Africa

In many African countries, mining is the backbone of their economies. Often, however, little consideration is given to environmental, social and governance (ESG) implications when a mining resource has been depleted or becomes uneconomical to mine. An appropriate legal framework that deals with mining rehabilitation is vital as part of sustainable mining.