financing guide | edition 2009 · optimize the timeline for the loan processing and disbursement...
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Financing Guide | Edition 2009
Published by the Fonds d'Equipement Communal
© The FEC - All rights reserved - 2009
Fonds d'Equipement Communal
Espace Oudayas, Angle Avenue Annakhil et Avenue Ben BarkaB.P. 2175 - Hay Ryad, 10 100 Rabat - MoroccoPhone : +212 (0)5 37 56 60 90 to 93 | Fax : +212 (0)5 37 56 60 94
w w w . f e c . m a
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Given its commitment for over 50 years to serve local development, the Fonds d’Equipment Communal (FEC) developed expertise and built on know-how, enabling it to position itself today as the technical and financial partner of Local Communities and local investment projects holders.
In financing the local public sector, the FEC operations focus on several fields, notably:
As a public-utility Bank, the FEC not only provides a range of products and services tailored to the needs of its customers, but it also strives to help them build their capacity to be able to design and implement developmental projects. This approach enables the Bank to establish with its customers a partnership based on mutual trust.
The FEC is sensitive toward local actors concerns and is close to them in order to implement all actions likely to promote local development and improve citizens’ living conditions.
Through its multiple actions, the FEC contributes therefore to the promotion of local investment and strengthens the decentralization process, confirming thereby its vocation as a bank at the service of local development.
Basic infrastructure and services (drinking water, electricity, solid and liquid waste purification, urban roads ...);
Urban equipments and planning;
Transport equipments;
Socio-collective equipments (sport, tourism or recreational planning) or business-related equipments, specialized equipments;
Planning operations (development of building sites, districts and medinas rehabilitation, equipments of industrial zones and economic activity zones, tourism planning…).
This financing guide is addressed to potential borrowers who wish to benefit from the FEC financing.It aims to:
Define the eligibility conditions for the FEC financing;Provide assistance to borrowers with regard to the preparation of loan and disbursement applications;Optimize the timeline for the loan processing and disbursement applications.
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The Bank at the service of local development
This financing guide
contains the
procedures provided
for by the laws and
regulations
governing the Local
Communities,
notably the texts
related to the
Communal Charter,
to the Organization
of the Finances of
the Local
Communities and
their consortiums, as
well as to their
accounting
regulation.
BANKLOCAL DEVELOPMENT
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AT THE SERVICE OF
How to use this Guide?
Divider :
The part highlighted in blue is a reminderof the issues handled in the chapter
Focus :
In brief :
Chapter Summary
Chapter Reminder
To simplify the reading and understanding of this Guide, a number of indications, summaries, and reminders are inserted at the beginning and at the end of each chapter
Figures are inserted in each chapter to illustrate the procedures already explained in detail
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Summary
Eligibility to the FEC financing 8
Activity sectors
Eligibility conditions
Borrowers' eligibility conditions
General eligibility conditions relating to projects
Special conditions
Mobilization of financing: Loan granting
Procedure of financing: Funds disbursement
Budget planning of loan annuities by theLocal Community
Who to contact?
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BANKLOCAL DEVELOPMENT
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AT THE SERVICE OF
FEC
fin
an
cin
gEligibility
In this part :
What are the activity sectors ofthe FEC?
What are the borrowers' eligibilityconditions?
What are the eligibility conditions of projects?
What are the special conditions?
Eligibility in brief
DRINKING WATER
Financing may concern:
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Production and/or treatment
Water conveyance
Storage
Distribution and connections
Service buildings
ELECTRICITY
Financing may concern:
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Production (thermal stations,
generators …)
Transportation
Transforming and delivery stations
Distribution
Connections
Service buildings
Public lighting
Financing may concern theimplementation of:
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Primary sewers
Secondary and tertiary sewers
Purification stations
Pumping and lifting stations
Connections
Service buildings and equipments
Maintenance equipments
LIQUID WASTE PURIFICATION
SOLID WASTE PURIFICATION
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Acquisition of solid waste evacuation and collection materialDevelopment of controlled disposal areas and their corresponding infrastructures Implementation of solid waste processing plantsOther objects related to solid waste collection
The FEC loan may be approved for financing projects related to collecting, evacuating, and processing solid waste, notably:
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Eligibility tothe FEC financingACTIVITY SECTORSThe FEC operates in various sectors such as :
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| ELIGIBILITY TO THE FEC FINANCING
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BANKLOCAL DEVELOPMENT
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AT THE SERVICE OF
COMMUNAL ROADS
This sector is economically and socially important because it enables the population to access basic services and puts an end to its isolation.
URBAN PLANNING
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Urban planning and development of communal buildingsConstruction or rehabilitation of road infrastructureDevelopment of industrial areas and economic activity zones ParkingsGreen areasMaintenance equipments
With respect to this sector, the FEC financing
may concern all projects aimed to develop
urban districts, notably:
SPECIALIZED EQUIPMENTS
This sector concerns implementation of the following equipments:
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Public ovens and/or Hammams
Slaughter houses
Refrigerating facilities
Train and bus stations
Impound yards
Mortuaries
Financing concerns the purchase of public transportation vehicles, the construction of bus stops and service buildings and other sector-related facility.
URBAN TRANSPORTATION
10 | ELIGIBILITY TO THE FEC FINANCING
SPORT, TOURISM ANDRECREATIVE PLANNING
This sector concerns the implementation of:
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Camping facilities
Swimming pools
Development of tourism and
recreational sites
Development and equipment of parks
Equipments for beaches
Sport facilities
Cultural centers, theaters, libraries,
youth centers and multi-purpose halls
Country inns and tourism cottage
COMMERCIAL EQUIPMENTS
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Souks
Shops
Shopping malls
District markets
Livestock markets
Wholesale markets
Financing may concern the construction and implementation of:
ELIGIBILITY CONDITIONS
BORROWERS’ ELIGIBILITYCONDITIONS
GENERAL CONDITIONS FORPROJECT ELIGIBILITY
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SPECIAL CONDITIONS•
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In processing loan application files, the FEC
analyses the financial situation of the Local
Community which should:
Projects eligible to obtain the FEC financing
should meet the following general conditions:
Have an indebtedness rate (ratio of total annual repayment to global resources of Local Community ) below 40 percent;
Make a saving enabling it eventually to pay its total debt (loans contracted previously + loans that will be contracted);
Participate in the funding of the project with a minimum 20 percent of its cost. The self-financing of the Local Community may take the form of:
The surplus of the Local Community designed for the project;
An in-kind contribution, such as land, purchased for the project or other recent expenses in the framework of the project;
Donations, subsidies or participations received from public or private institutions, whether national or foreign.
Have the human, material and organizational means to complete the project.
The project addresses a real and priority demand for the borrower;
The project is justified from an economic and social point of view and meets the least-cost conditions;
The project is financially viable, for projects of a commercial nature;
The borrower has the capacity to realize the project efficiently or shall conclude management contracts to that effect;
The project shall have no negative impact on environment, otherwise the Local Community is bound to take all the corrective measures to mitigate that impact.
For projects which have already started, the FEC may agree on financing the costs incurred during the last six months preceding the loan approval.
Interest rates are either fixed or floating and vary depending on the length of the loan which may reach 15 years and on received garanties.
Floating interest rates are the rates in force at the date of the funds payment. The interest rate is revisable by applying the rate in force at each anniversary date for the next maturity date.
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FEC
fin
anci
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Activity sectors where the fec operates are :
Drinking water, electricity, liquid waste purification, communal roads, urban transportation, commercial equipments, specialized equipments, urban planning, sport, tourism and recreational planning and solid waste purification.
To be eligible, Local Communities indebtedness rate should not exceed 40 percent and must contribute with a minimum 20 percent in the financing of the project and have the human, material and organizational means to implemente it.
The self-financing may take the form of the Local Community surplus, an in-kind contribution, recent expenses already incurred, a donation, subsidy or participation of a public or private body, whether national or foreign.
To be eligible, projects should meet a priority need of the Local Community. They should be justified from an economic and social viewpoint, satisfy the least-cost conditions, be financially viable and have no impact on the environment.
Interest rates are either fixed, or floating depending on the loan length which may reach 15 years and on received garanties.
| ELIGIBILITY TO THE FEC FINANCING
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Drinking water
Electricity Liquid wastepurification
Municipal Roads
Urban transportation
Commercialequipments
Specializedequipments
Urban planning
Solid wastepurification
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Sport, tourism and recreational
planning
BANKLOCAL DEVELOPMENT
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Loan grantingM
obili
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f fin
anci
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In this part:
What are the prerequisites for requesting a loan?
What are the documents to be contained in the administrative, technical and financial documents?
How the FEC grants loans?
What are the steps that should be followed to disburse loan funds?
16 | LOAN GRANTING
Loan grantingIn addition to granting loans for the funding of specific projects, the FEC may also provide credit lines for the implementation of multi-annual investment programs.
Credit lines enable the Local Community to have a better reading for the financing of the different components of its multi-annual programs and, whenever necessary, to reallocate the granted funds among the different projects composing it.
Below is the process of loan demand and loan granting :
Communal
Phase 3
Phase 1
Phase 2
Phase 4
Local CommunityMinistry
of Interior
Ministryof Economyand Finance
Fonds d’EquipementCommunal
Council deliberation authorizing the
recourse to the loan
Instruction and submittal of loan
application
Review of the loan file/Approval by the Credit
Committee
Signature of the loancontract (LC and the FEC)
Joint Decision authorizing the loan
Program Authorization
Preparation and submittal of the loan application through
the local authority
Further information / loan application (if necessary)
Execution studies and preparation of bidding
files
Calling for tenders and adjudication of
contracts
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Mobilization of financing :
Prior to submitting anyloan application to the FEC,the Local Community:
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PHASE 1PREPARATION AND SUBMITTAL OF THE LOAN APPLICATION TO THE FEC
FOCU
S
Satisfy the prerequisite conditions set by
the FEC (see the highlighted part )
See CHECK-LIST page 22
To get the loan from the FEC,you should:
AT THIS LEVEL
AdministrativeDocument
Technical andFinancial
Document
A T
*In conformity with law No 78-00 pertaining to the
Communal Charter as modified and completed by law No
17-08, law No 79-00 related to the Organization of
Prefectures and Provinces and law No 47-96 related to
the Organization of the Region.
Prepare a loan application including two documents:
Local Community
17
identifies the main components of the project;
contacts the FEC to ensure its loan capacity for financing the project;
obtains the approval of its Council for the implementation and the financing of the project through loans*;
ensures the conduct of studies by the technical local services or specialized research consultancies;
Prepares the loan application file and submits it to the FEC through the intermediary of the supervisory authorities (at the local and central level).
Council deliberation authorizing the
recourse to the loan
Instruction and submittal of loan
application
Preparation and submittal of the loan application through
the local authority
Ministryof Interior
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ADMINISTRATIVE DOCUMENT
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TECHNICAL AND FINANCIAL DOCUMENT
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The loan application should be composedof the following documents:
The technical document should comprise studies related to the feasibility of the project and to the socio-economic, technical and financial aspects of the project, particularly with regard to:
the current situation;
the identified needs;
the technical data of the project (summarized or detailed draft project, depending on the complexity of the project);
economic and financial data;
the technical document may include a copy of partnership agreements related to the project or the program.
The loan application letter duly filled and signed by the Local Community (see the model in attachment);
The loans application sheet, duly filled;
A copy of the Board's minutes of meeting authorizing borrowing from the FEC;
The administrative accounts of the last 3 fiscal years as well as the budget for the current year;
A notice on the legal situation of the plot of land, if necessary;
A supporting document concerning the programming or the availability of self-financing or the measures taken for its mobilization;
Visas and / or authorization by supervisory authorities assigned for each sector, if necessary.
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| LOAN GRANTING
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Fonds d’EquipementCommunal
Phase 2
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FOCU
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AT THIS LEVEL
PHASE 2REVIEW OF THE LOAN APPLICATION AND APPROVAL BY THE CREDIT COMMITTEE OF THE FEC
You have completed your application
You should obtain the approval ofthe Credit Committee of the FEC
the FEC reviews the loanapplication and preparesan evaluation report
The Credit Committeedecides on the grantingof a loan
The loan contract is ready to be signed by the local official entitled to authorize payment and by the FEC General Manager
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The FEC reviews the loan application and ensures that all eligibility conditions are met.
The loan application and the evaluation report prepared by FEC, after a possible visit to the project site, are presented to the Credit Committee which convenes at least once each month.
Following approval by the Credit Committee, the FEC sends a letter to the Local Community informing it of the Committee’s decision.
The loan contract, made out in five (5) copies by the FEC, is submitted to the local official entitled to authorize payment, then to the FEC General Manager. Upon signature by the two parties:
2 copies are given to the Local Community, one of them to be sent to the Tax Collector’s Office concerned;
2 copies are sent to the Local Finance Department of Ministry of Interior, one of them is intented to the Province/ Prefecture;
1 copy is kept within the loan application filed at the level of the FEC.
A letter notifies youof the Credit Committee
decision
Review of the loan file/Approval by the Credit
Committee
Signature of the loancontract (LC and the FEC)
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| LOAN GRANTING20
FOC
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PHASE 3DRAWING UP THE JOINT DECISION AND THE PROGRAM AUTHORIZATION
Your loan have been approvedby the FEC Credit Committee
The Joint Decision is drawn up, initiated and signed by the Ministry of Interior and the Ministry of Economy and Finance
The Program Authorization bearing on the opening of guarantee credit is drawn up and signed by Ministry of Interior or by the local authority for rural communes.
Your counterparts are the Ministry of the Interior and the
Ministry of Economy and Finance
Phase 3
The Program Authorization is drawn up by the
Ministry of Interior or by the Local
authority for rural communes
* In conformity with the provisions of law No 45-08 related to The Organization of the Finance of Local Communities and their Consortiums.
They draw up the Joint Decision
Joint Decision authorizing the loan
Program Authorization
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Ministryof Interior
Ministryof Economyand Finance
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FOC
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AT THIS LEVEL
PHASE 4EXECUTION STUDIES AND CALLS FOR TENDERS
You have obtained the Joint Decisionand the Program Authorization
You should preparethe executionstudies and
calls for tenders
Upon the approvalof a contract (s),you will submita disbursement
application to the FECPhase 4
While the loan application procedure is ongoing, Local Community may start the preparation of execution studies and tender files.
Once a contract is awarded and approved by the competent authorities, the Local Community shall present a disbursement request with the FEC, following the notification of the order of beginning of works.
Local Community
Execution studies and preparation of bidding
files
Calling for tenders and adjudication of
contracts
BANKLOCAL DEVELOPMENT
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AT THE SERVICE OF
| LOAN GRANTING22
REMINDERTHE LOAN APPLICATION SHOULD
BE SUBMITTED TO the FEC THROUGH
THE SUPERVISING LOCAL AUTHORITY
Loa
n a
pp
lica
tio
n
CHECK-LISTAt every completion of a phase in the loan application process, please mark the corresponding item onthe following checklist:
ADMINISTRATIVE DOCUMENT
TECHNICAL AND FINANCIAL DOCUMENT
The loan application letter (see the model in attachment);
The loan application sheet
A copy of the Board's minutes of meeting authorizing borrowing from the FEC
The administrative accounts of the last 3 fiscal years
The budget for the current year
A notice on the legal situation of the plot of land, if necessary
A supporting document concerning the programming or the availability of self-financing or the measures taken for its mobilization
Visas and / or authorization by the supervisory authorities assigned for a given sector, if necessary
Note of the current situation
Study of the needs
Report of the technical data of the project (summarized or detailed draft project, depending on the complexity of the project)
Economic and financial data of the project
Partnership agreements, if necessary
Mob
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f fin
anci
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Loan granting in brief….
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BANKLOCAL DEVELOPMENT
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Prior to submitting any loan application with the FEC, the Local Community should define the main components of the project, ensure its eligibility to the FEC financing, obtain the approval of its Council, conduct the needed studies and prepare an application to be submitted to the FEC.
The loan application is accompanied by two documents: The Administrative Document, the Technical and Financial Document.The Local Community has to ensure that these two documents are fully completed. To this end, a checklist is available in page 22 of this guide.
When receiving a loan application, the FEC reviews the two documents, makes an evaluation of the project, undertakes a possible visit to the project site and submits its report to the Credit Committee for assessment. In the event of approval, a loan contract, made out in five copies, is submitted for signature by the Local Community official entitled to authorize payment and by the FEC General Manager.
A Joint Decision and a Program Authorization on the opening of guarantee credit are made out and signed by the competent authorities.
The disbursement procedure may therefore take place following an order of beginning of works and the conclusion of contracts.
FUNDS DISBURSMENT Pr
oced
ure
of fi
nanc
ing
In this part:How to obtain disbursement of funds?
What are the required documents for constituting an application?
How does the FEC disburse funds?
What are the required authorizations?
26 | FUNDS DISBURSEMENT
Procedure of financing :
Funds disbursement Disbursement means having funds available for usage by the Local Community, enabling to pay the expenses incurred upon the implementation of a project financed through a FEC loan.
Disbursements are paid out in one or several installments depending on the nature of the project and on the deadlines set for the completion of works.
Work order andbeginning of works
Commissioningand Settlement
Funds disbursementSpecial Authorization
Phase 3
Phase 1
Phase 2
Phase 4
Local CommunityFonds d’Equipement
CommunalMinistry
of the Interior
Preparation and submittalof disbursement
application to the FEC
Further information/ disbursement
application (if necessary)
Processing thedisbursement application
and drawingup of credit opening letter
Approval of provisions of the
credit opening letter
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PHASE 1PREPARATION OF DISBURSEMENT APPLICATION
FOC
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AT THIS LEVEL
Phase 1
D
In order for the funds to be disbursed at the beginning of works, you should submit an application to
the FEC
During each disbursement, you should justify the progress situation of works
Upon the last disbursement, you will
send works completion report
The disbursement application requires a
whole set of documents (See the part marked with
the sign )
The funds may be made available to Local Communities as of the approval of one or several contracts and the beginning of works.
The Local Community submits directly an application to the FEC with a copy for information to the supervisory authority.
Work order andbeginning of works
Preparation and submittalof disbursement
application to the FEC
BANKLOCAL DEVELOPMENT
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AT THE SERVICE OF
Local Community
After the 1st disbursement and for each subsequent disbursement, the Local Community should provide details on the progress of works and the usage of past disbursements.
| FUNDS DISBURSEMENT 28
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The documents that should be contained in the disbursement application are:
SUBSEQUENT DISBURSEMENTAPPLICATIONS
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Any subsequent disbursement application should follow the same process as the 1st disbursement application and should be submitted to the FEC together with the following documents:
For completed contracts:
A copy of accounts / statements of final fees paid or which final payment is being processed.
Progress report on the works approved by the communal engineer.
A statement of payments by contract, approved by the President and by the Tax Collector.
After the final disbursement and upon completion of works, the borrower shall send a copy of the minutes of meeting related to the temporary and final reception of works or a detailed report on works completion.
1ST DISBURSEMENT APPLICATION
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The following documents should be attached to the 1st disbursement application that is submitted directly to the FEC:
A copy of approved contract(s), of other contracts and of work orders;A copy of the service of beginning of works order sent to the contracting company.
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PHASE 2PROCESSING THE DISBURSEMENT APPLICATION BY THE FEC
FOC
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AT THIS LEVEL
Phase 2
Your disbursement application is ready
the FEC reviewsyour disbursement
application
TA After reception of the FEC notification indicating the value date of the transfer, the FEC establishes the amortization table which fixes the amount, the annual repayment broken down in capital, interests; then sends it to the local official entitled to authorize payment for its signature.
A copy of the amortization table is sent to the Local Community and the concerned Tax Collector’s Office.
Upon receiving the d i s b u r s e m e n t application, the FEC reviews it and ensures that it contains all information and documents as per demand, and in accordance with the requirements.
After processing the application, the FEC sends to the Local Community a credit opening letter bearing on the amount released and interest rate terms.
Following acceptance of the credit opening letter by the Local Community, the FEC starts transferring the funds and sends a copy of the transfer letter to local authorities (rural communes) and central authorities (urban communes, prefectures…) for the drawing up of the Special Authorization.
Fonds d’EquipementCommunal
the FEC informs you of the loan terms and the amount to be released by sending a credit opening letter
A copy is sent to central or Local Communities (rural communities) in
order to draw up the payment Special
Authorization
You should sign the amortization table drawn up by the FEC
the FEC starts transferring the funds
once you accept the credit opening letter
Funds disbursement
Processing thedisbursement application
and drawingup of credit opening letter
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| FUNDS DISBURSEMENT 30
*
FOC
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AT THIS LEVEL
PHASE 3SPECIAL AUTHORIZATION
Your counterpart is theMinistry of the Interior
The Ministry of the Interiorissues a Special Authorization
for opening the payment credits
Your disbursementrequest was processed
The Special Authorization serving the purposes of opening payment credits is prepared and signed by the Ministry of Interior.
Phase 3
* In conformity with the provisions of law No 45-08 related to the Organization of the Finance of Local Communities and their Consortiums.
Special Authorization
Ministryof the Interior
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PHASE 4COMMISSIONING AND SETTLEMENT
FOC
US
Phase 4
You have already beenissued the Special Authorization
You start writing the orderfor payment of the expenses
You submit the orderto the concerned Tax
Collector's Office for settlementpurposes Once the Special Authorization has been
issued, the Local Community writes the order for the payment of the expense and sends the order to the concerned Tax Collector's Office for settlement of the expense.
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Commissioningand Settlement
Local Community
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|FUNDS DISBURSEMENT 32
Proc
edu
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f fi
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gFUNDS DISBURSEMENT in brief...
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The funds may be disbursed to the Local Community upon approval of the contract(s) and beginning of works.
After the 1st disbursement and for every subsequent disbursement, the Local Community should provide a proof on the state of progress of work, the use of previous disbursements and the mobilization of self-financing.
After acceptance of the credit opening letter by the Local Community, the FEC orders the disbursement of funds and sends a copy of this letter to the local and central authorities to prepare the Special Authorization.
After reception of the Special Authorization, the Local Community starts the writing of the order for payment of the expense and sends the order to the concerned Collector's Tax Office for settlement.
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BUDGET PLANNING
** In accordance with the provisions of law No 45-08
related to the Organization of the Finance of the Local
Communities and their Consortiums.
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When preparing the Budget, the Local Community includes in its Budget the annual repayments** of the loan(s) contracted with the FEC based on the following tables of annual repayment plan and amortization tables.
After Budget approval, the Tax Collector starts, not later than the maturity, the payment of the due annuity or annuities.
Finally, the Local Community ensures monitoring and reimbursing loan annuities on their corresponding maturity date in order to avoid any delay in payment, which shall lead to applying delayed interest rates.
REMINDER
ARE YOU PREPARINGYOUR BUDGET?
REMEMBER TO INSCRIBEYOUR ANNUITIES CONSTITUTING A
COMPULSORY EXPENSE
OF LOAN ANNUITIES BY THE LOCAL COMMUNITY
BANKLOCAL DEVELOPMENT
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INFOYOU CAN FIND A LIST WITH
THE LOCAL Relays OF the
FEC ON OUR WEBSITE
www.fec.ma
WHO TO CONTACT?
FOUR OPERATIONS ZONES...
The FEC operates in four zones which are in charge of managing relationships with the Local Communities at all phases of their projects. As a single point of contact, these zones are in charge of providing assistance and advice to the Local Communities in terms of identification of investment needs and preparing loan and disbursement applications.
AND HAS LOCAL RELAYS
Local relays are available in the provinces and prefectures to ensure coordination of operations handled by the FEC in favor of the Local Communities. These relays constitute a network of counterparts and agents trained on the FEC procedures and loan techniques.
Fina
ncin
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uide
T H E 4
ZONES
Phone : +212 (0) 5 37 56 90 40Fax : +212 (0) 5 37 56 60 95
www.fec.ma
S
C
E
E-mail : [email protected]
SOUTHERN ZONE
E-mail : [email protected]
CENTRAL ZONE
E-mail : [email protected]
EASTERN ZONE
N E-mail : [email protected]
NORTHERN ZONE
Guelmim Es Semara Lâayoune Boujdour Sakia El Hamra
Oued Eddahab LagouiraSouss Massa Drâa
Chaouia Ouardigha Doukkala Abda
Grand CasablancaMarrakech Tensift El Haouz
Tadla Azilal
Fès BoulemaneL’Oriental
Meknès TafilaltTaza El Hoceima Taounate
Gharb Chrarda Bni HssenRabat Salé Zemmour Zaër
Tanger Tétouan
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BANKLOCAL DEVELOPMENT
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