Leading Individuals

Next Generation Partners

Banking, finance and capital markets in Morocco

ASAFO & CO. MOROCCO Sarl

ASAFO & CO. MOROCCO Sarl is a prominent player in the Moroccan and broader North African banking and finance arena. The firm has cultivated a robust reputation for its exceptional services, catering to an array of financial institutions and governmental entities. The team offers extensive expertise in acquisition finance, project finance, and asset finance, and is capable of adeptly serving both corporate borrowers and bank lenders. The Casablanca team is headed by founder and managing partner Patrick Larrivé, who excels in cross-border investment funds in both African and international jurisdictions. Louis Dubois is another name to note; Dubois has recently acted on several financing works for banks and energy infrastructure sector clients.

Practice head(s):

Patrick Larrivé


Other key lawyers:

Louis Dubois


Key clients

Norfund / IFU


Development Partners International (DPI)


Government of the Côte d’Ivoire


Upline Corporate Finance


The West African Development Bank (BOAD)


Banque Atlantique CI


EDFIMC NV


Coris Group


AFIG Funds


Work highlights


  • Advising the lenders in the financing of a first-of-its-kind photovoltaic power plant in the Ivory Coast.
  • Advised the pan-African banking group, Coris, in the context of the acquisition of the Société Générale’s subsidiaries in Mauritania and Chad, which marks Coris’s entry into Central Africa and Mauritania.

Clifford Chance

Clifford Chance's Morocco offering spans the full range of banking, finance, and capital markets matters. The firm has a strong focus on project finance, especially in the areas of energy and infrastructure. The practice is led by Mustapha Mourahib and Ouns Lemseffer. Mourahib is an expert in advising borrowers and sponsors on financing large-scale facilities across the region. Lemseffer recently advised large government-owned corporations on project financing concerning large renewable energy facilities. Additionally, Meriem Komiha often supports Lemseffer on large-scale financings for renewable energy facilities in Morocco.

Practice head(s):

Mustapha Mourahib; Ouns Lemseffer


Other key lawyers:

Meriem Komiha


Testimonials

‘Ouns Lemseffer was an exceptional partner. She was skilled at handling challenging negotiations among stakeholders and finding common ground for agreement between partners. She made herself available to ensure that the projects progressed smoothly despite our tight schedule.’

‘I worked a lot with Ouns Lemseffer. It was a pleasure to deal with a lawyer with a finance background that understands exactly the consequences of every clause of a financing contract.’

‘The team is very experienced in the energy sector and has advised several companies in the sector within the African continent.’

‘The team’s uniqueness lies in its flexibility to respond to client’s needs and its ability to bring together resources from various fields to solve specific problems.’

‘They are an international firm with local knowledge that really brings knowledge and solutions to all situations you miay find during the collaboration.’

‘Leadership, knowledge, and very good relationship handling.’

‘They are great specialists that always try to understand the business instead of just giving legal advice and recommendations that wouldn’t be the best suitable ones considering one’s operational needs.’

‘The firm has strong and professional teams in several practices areas which allows client to have tailored advice adapted to its needs.’

Key clients

Ciments de l’Atlas


European Bank for Reconstruction & Development (EBRD)


Moroccan Agency for Sustainable Energy (MASEN)


Enel Green Power Morocco


Attijariwafa Bank


Banque Centrale Populaire


Bank of Africa


BNP Paribas and CACIB


Atlantic Business International


Siemens Energy


JIBC


NEXI


SMBC


MUFG


Bank of Africa


JORF FERTILIZERS COMPANY III S.A.


OCP


Nareva Holding SA


Enel Green Power


Work highlights


  • Advising CIMAF/CIMAT as the borrower and sponsor in respect of the facilities to be provided by IFC, Proparco, and EAIF in order for the borrowers to expand the existing cement grinding facilities in Ghana and Mali as well as build a new state-of-the-art integrated cement plant in Senegal.
  • Advising the European Bank for Reconstruction and Development (EBRD) on an unsecured loan of up to €40 million to the Moroccan National Ports Agency (Agence Nationale des Ports), to finance a package of construction and improvement works to improve the climate resilience of selected Moroccan ports.
  • Advising the Moroccan Agency for Sustainable Energy (MASEN) as sponsor and off-taker in the framework of Koudia Al Baïda Wind Farm repowering project in Morocco to increase its capacity from 50 MW to 100 MW.

Norton Rose Fulbright

Norton Rose Fulbright is a market leader in operations, project financing, financial restructuring, and corporate lending transactions. Alain Malek leads the Morocco and North African practice. Malek is a seasoned practitioner with a strong track record handling cross-border transactions across Europe, Africa, and the Middle East, with particular expertise in the insurance, energy, and telecoms sectors. Additionally, Roberto Cristofolini specialises in banking and stock exchange law in Morocco and France and recently advised the Ministry of Economy and Finance of Morocco on the private equity funds adopted by the Council of Government.

Practice head(s):

Alain Malek


Other key lawyers:

Roberto Cristofolini


Key clients

HPS


Moroccan Ministry of Economy and Finance


Banque Marocaine pour le Commerce et l’Industrie


Banque centrale Populaire


Société de Dessalement d’Eau d’Agadir (SEDA)


Work highlights


  • Advising Hightech Payment Systems (HPS) with respect to an increase in capital reserved to managers and employees of the group, via the subscription of stock options.
  • Acted with the World Bank Group (acting under its Joint Capital Markets Program – J-CAP) to advise the Ministry of Economy and Finance of Morocco on bill n°58-22 amending and supplementing law n°41-05 on private equity funds (OPCCs), adopted by the Council of Government on 8 March 2023.
  • Advised Banque Centrale Populaire (BCP) and Banque Marocaine pour le Commerce et l’Industrie (BMCI) on the financing of the acquisition by Helios of a majority stake in the T2S Medtech group.

DLA Piper

DLA Piper has a strong client list of international banks and investment funds, including the World Bank. The firm provides strong support with debt capital markets, derivatives, and financings. Leading the firm is Fabrice Armand, an expert in debt capital markets, derivatives, and alternative investment funds. Armand has recently worked on international investments into the Moroccan energy sector, and international financings and acquisitions of African insurance groups. Armand is supported by associate Gaëlle Bouriau in several significant cases.

Practice head(s):

Fabrice Armand


Other key lawyers:

Gaëlle Bouriau


Testimonials

The team takes the time to understand the needs of its clients to deliver quality and commercially minded advice.’

Key clients

South Grid International


Amethis Fund


Diot Siaci


British International Investment plc


Danish Sustainable Development Goals Investment Funds K/S


Institut Superieur Ingenierie et des affaires privé ISGA


Komatsu Financial Europe NV


World Bank


Work highlights


  • Advising French insurance brokerage and consulting group Diot Siaci in the context of a EUR 27 million financing to be granted by the Bank of Africa (Morocco) to acquire an African insurance group.
  • Advising Amethis in the context of a EUR 27 million financing to be granted by the Bank of Africa (Morocco) to acquire an African insurance group.
  • Assisting in Moroccan law concerning a financing to fund the capital expenditure of Borrower’s subsidiaries in recycling facility in several jurisdictions including Morocco.

EAR & Co

EAR & Co has a strong track record of successfully managing significant financing transactions, as well as advising on restructurings, regulatory banking issues, securitisations, and general financings. The experienced team is co-led by Mohieddine El Amari, who recently advised the European Investment Bank concerning financial documentation and issuances. Working alongside him is co-head Mariam Rouissi, a specialist in financial regulation. Rouissi has recently advised banks on securitisations and loan agreements.

Practice head(s):

Mariam Rouissi; Mohieddine El Amari


Key clients

Banque Centrale Populaire (Bcp) Et Societe Generale Marocaine De Banques (Sgmb)


pme Croissance


Maghreb Titrisation


onee


Idou Holding


Attijariwafa Bank


European Investment Bank


Attijari Wafa Bank


Banque Centrale Populaire


Bank of Africa


BMCI


Crédit du Maroc


Société Générale


Maghreb Steel


BNP Paribas


Work highlights


Gide Loyrette Nouel

GIDE LOYRETTE NOUEL covers the entire spectrum of banking and finance transactions. Wacef Bentaibi spearheads the Casablanca office, advising state-owned enterprises, sponsors, and lenders on structuring, drafting, and negotiating for finance transactions. Bentaibi also regularly advises large banks and infrastructure developers on project-related joint ventures and international tenders. Bentaibi is supported by Mounia Larhrissi on the firm’s most significant matters, including advising the European Investment Bank on emerging legislation concerning financings that had been granted to Moroccan public institutions and companies.

Practice head(s):

Wacef Bentaibi


Other key lawyers:

Mounia Larhrissi


Testimonials

‘Wacef Bentaibi is a very kind person who is always here when needed. The availability of that partner is exceptional, and his commitment is exceptional.’

‘The team is always available and helpful.’

Key clients

Banque Centrale Populaire


Nareva Holding


Suez International


Tanger Med Utilities


Itochu Corporation


Crédit Agricole S.A.


European Investment Bank


TEKCIM SA (NOVACIM)


Citibank


Natixis


Société Générale


Work highlights


  • Acted as lead legal counsel for the consortium composed of Suez International, Nareva Holding, Itochu Corporation, and CIMR in relation to the Casablanca desalination project. The Project consists of the design, financing, realisation, and long-term operation of the facility with a total production capacity of 300 Million cubic meters per year.
  • Assisting the lenders in the refinancing of existing intra-group indebtedness of Jorf Fertilizer Company III, a 50/50 joint-venture company indirectly owned and controlled by OCP S.A. and Koch AG & Energy Solutions.

UGGC Africa

UGGC Africa’s banking and finance team is a trusted partner to Moroccan and foreign credit establishments, alongside extensive involvement in project finance, restructurings, and securitisations. Ali Bougrine, the firm’s managing partner, specialises in banking and finance as well as corporate and M&A work. Bougrine recently led a joint venture matter between an aeronautical electrical systems manufacturer and Boeing, leveraging his cross-disciplinary experience to advise on both funding aspects regarding banks as well as corporate matters regarding the organisation of the board. Laurent Sablé is well versed in advising clients in high value transactions and conducting relevant negotiations with Moroccan authorities.

Practice head(s):

Ali Bougrine


Other key lawyers:

Laurent Sablé


Key clients

Centre Monétique Interbancaire (CMI)


LafargeHolcim


Systra Group


Matis Aeropsace


Mirova


Work highlights


ADNA

As a member of the Africa Legal Network, the ADNA banking and finance team often conducts cross-border transactions across the continent, with recent examples including advising on matters in Ethiopia, Lebanon, and Egypt. Safia Fassi-Fihri heads the practice with her strong expertise in credit financing, often acting for both lenders and borrowers on large multijurisdictional transactions between Africa and Europe.

Practice head(s):

Safia Fassi-Fihri


Key clients

Abn Amro Bank N.V


Cooperatieve Rabobak U.A


Ing Bank N.V


Abn Amro Asset Based Finance N.V


Rabo factoring B.V


Ing commercial finance B.V.


Proparco


Office National des Aéroports (ONDA)


European Bank for Reconstruction and Development (EBRD)


Allianz


International Finance Corporation


Work highlights


  • Advised IFC in relation to the 50,000,000 USD financing in Crédit du Maroc.
  • Advised Abn Amro Bank N.V, Cooperatieve Rabobak U.A, Ing Bank N.V, Abn Amro Asset Based Finance N.V, Rabo factoring B.V, Ing commercial finance B.V.as lenders in relation to a loan to Klaas Puul.
  • Advised PROPARCO, as lender, in connection with a EUR 65,000,000 secured and real estate credit facility granted to MISSION LAIQUE FRANCAISE, a French non-profit association recognized as a public utility, heads a network of 112 French educational establishments abroad with over 60,000 students in 39 countries.

Afrique Advisors

Afrique Advisors offers a wide range of specialised services, including financial regulations, compliance, corporate finance, and project finance. The firm is experienced in working on high value financings and conducting financial due diligence. The practice is headed by Laila Slassi, a specialist in tax structuring of high value cross-border transactions, particularly concerning leverage buyouts.

Practice head(s):

Laila Slassi


Work highlights


Fraikech Associés

Fraikech Associés is a trusted partner of choice for major domestic banks and international investment banks, frequently advising on intricate transactions. Leading the practice is the ‘knowledgeable, experienced, and focusedOussama Fraikech, a seasoned specialist in corporate and finance law, as well as exchange regulation and securities.

Practice head(s):

Oussama Fraikech


Testimonials

‘Incredibly knowledgeable not only on the purely legal side, but also on the market. Fraikech focuses on what matters and provides excellent assessment of risks, which can be taken and which need to be taken seriously, which is of great importance.’

‘Oussama Fraikech is a 10/10 recommendation. Knowledgeable, experienced, and focused on what matters. Great advisor that gets deals done.’

Work highlights


URITI

URITI is an independent law boutique that often acts for lenders, including large Moroccan banks, on financing works. The firm focuses on financing works on construction projects of various industrial infrastructure and real estate properties in Morocco. The practice is headed by Kenza Bounjou, who founded the firm and specialises in energy and infrastructure transactions.

Practice head(s):

Kenza Bounjou


Other key lawyers:

Zeyneb El Moualled


Testimonials

‘The URITI team was very available and professional in the area of project finance.’

Very good team.’

I recommend them for their knowledge in project finance.’ 

Key clients

Attijariwafa Bank


Banque Centrale Populaire


Work highlights


  • Advised Attijariwafa Bank on the financing of the construction and rehabilitation of the Hotel Lincoln, a five-star hotel located in Casablanca and to be operated under the brand Radisson Collection.
  • Advised Attijariwafa Bank on the financing of the acquisition by Arena Capital of the shares held by Aevitas Property Partners, a real estate investment company, in Arena Property Development.
  • Advised Attijariwafa Bank and Banque Centrale Populaire on the refinancing of the construction, operation, and maintenance of a five-star hotel under the brand of Hyatt Regency, belonging to Madaëf, a subsidiary of the CDG Group, in Taghazout, in Morocco.