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    Reference: 20220588
    Release date: 28 October 2022

    Promoter – Financial Intermediary

    BANQUE MAURITANIENNE DE L'INVESTISSEMENT

    Location

    Description

    This facility will provide a partial portfolio guarantee to Banque Mauritanienne de l'Investissement (BMI) to finance investments undertaken by small and medium-sized enterprises (SMEs) in Mauritania.

    Additionality and Impact

    Access to finance for corporates in Mauritania is limited and the labour market participation rate is lower than in the region, with a large percentage of young Mauritanians unemployed and untrained, and a declining financial inclusion of women.


    The operation concerns a partial portfolio guarantee to Banque Mauritanienne de l'Investissement (BMI) in order to support financing eligible small- and medium-sized investments undertaken by SMEs in Mauritania, with enhanced guarantee coverage for women and youth owned or run SMEs and start-ups. It will contribute to economic resilience, employment generating activities and addressing the market failure of imperfect information and the ensued obstacles to access to finance that SMEs are confronted with when applying for funding.


    The project is aligned with the EU's external action, the Neighbourhood, Development and International Cooperation Instrument (NDICI), the African Union's Agenda 2063 and the EU Sub-Saharan Africa Multi-Annual Indicative Programme 2021-2027, which supports a stronger regional and continental economic integration through inclusive economic growth and job creation. It is also aligned with the EU's Action Plan for Mauritania and the Multiannual Indicative Program (MIP) for Mauretania for years 2021-2027 as it would promote strong, sustainable and inclusive growth. 

    Objectives

    The primary objective of the operation is to enhance access to finance for SMEs and enable improved terms and conditions, such as reduced collateral requirements and/or lower financing costs. The operation will support job creation and contribute to alleviate the economic consequences of the pandemic and contribute to strengthen the country's economic resilience.

    Sector(s)

    Proposed EIB finance (Approximate amount)

    EUR 3 million

    Total cost (Approximate amount)

    EUR 20 million

    Environmental aspects

    The EIB will require BMI to take all the requisite measures to ensure that the procedures, including procurement procedures, carried out by the Final Beneficiaries for the sub-projects receiving an underlying loan covered by the partial portfolio guarantee of the Bank, will comply with national legislation and the ElB's Environmental and Social Standards, as well as international treaties and conventions signed and ratified by or otherwise applicable and binding in the country.

    Procurement

    The Bank will require BMI to take all requisite measures to ensure that any procurement procedures carried out by the Final Beneficiaries for the sub-projects receiving an underlying loan covered by the partial portfolio guarantee of the Bank are in accordance with the Bank's Guide to Procurement.

    Status

    Signed - 26/05/2023

    Milestone
    Under appraisal
    Approved
    Signed
    16 January 2023
    26 May 2023

    Disclaimer

    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Related tags

    Mauritania Credit lines