Release date: 29 January 2025
Promoter – Financial Intermediary
BANQUE EL AMANALocation
Description
The operation consists of a Multiple Beneficiary Intermediated Loan (MBIL) of up to EUR 20,000,000 to Banque El Amana (BEA) to support eligible investments undertaken by small and medium-sized enterprises (SMEs) and mid-caps in Mauritania. The loan will be allocated to financing SMEs (at least 70% of the loan) and mid-caps (up to 30% of the loan) across sectors such as sustainable fisheries, agriculture value chains, tourism, transport, manufacturing and services.
Additionality and Impact
The EIB loan to Banque El Amana (BEA) in Mauritania aims to facilitate access to finance for SMEs and MidCaps, with a strong emphasis on youth employment, gender inclusion, and the development of the blue economy.
At least 30% of the loan amount will target businesses led or founded by young entrepreneurs or employing a significant proportion of young people. This focus directly addresses the high youth unemployment rates in Mauritania, where over 60% of the working-age population is under 35, and nearly half of the youth population is unemployed. The operation supports the EU-Mauritania Migration Partnership launched in 2024, aiming to create job opportunities for young Mauritanians to mitigate migration pressures and promote regional stability.
Additionally, 30% of the loan will be directed toward businesses owned, run, or employing women, aligned with the 2X Challenge criteria for gender equality. This is crucial in addressing the declining financial inclusion of women in Mauritania, where female financial inclusion dropped from 21% in 2014 to 15% in 2017. The operation will empower women in business, contributing to economic inclusion and sustainable growth.
Furthermore, 20% of the loan will be allocated to the blue economy, supporting sectors such as sustainable fisheries and eco-friendly tourism, building on the momentum from BEA's collaboration with KfW and Germany's Federal Ministry for Economic Cooperation and Development. These investments will contribute to the development of Mauritania's blue economy, fostering value-added activities in fisheries, promoting responsible resource management, and creating decent jobs, in line with the EU's Sustainable Fisheries Partnership Agreement.
The availability of long-term Euro funds will help BEA diversify funding, extend loan tenors, and deepen the financial market. EIB's gender and youth employment targets will enhance BEA's reporting and product development. BEA is also developing an Environmental and Social Management System (ESMS) for the blue economy, with technical assistance for Task Force on Climate-related Financial Disclosures (TCFD) reporting practices.
Objectives
This operation aims to reduce youth unemployment, improve gender equality in financial inclusion, and endow a "blue economy" target: i) A minimum of 30% of the loan amount will be specifically targeting businesses led and/or founded by a young entrepreneur or employing at least 40% of young people, defined as people between the ages of 15 to 35 years, in line with the African Youth Charter. ii) A minimum of 30% of the loan amount will meet the 2X Challenge Criteria adopted by the EIB in October 2019. The criteria are aligned with the OECD gender marker 1 ("gender equality is a significant objective") as the promotion of gender equality is one of the objectives that has been included in the design of the investment. iii) In addition, a minimum of 20% of the loan amount will target enterprises in the blue economy sector, with activities that are for instance marine-based (such as sustainable capture fisheries and aquaculture, marine renewable energy, maritime transport, and maritime and coastal tourism); marine-related (such as seafood processing, shipbuilding and repair, port activities, and research and innovation in ocean industries) aimed at reducing the impact of land-based activities on the marine environment (such as solid waste and wastewater management, and pollution reduction), and those focused on protecting the coast from the effects of floods (such as coastal protection projects and storm water management).
Sector(s)
- Credit lines - Credit lines
Under Global Europe NDICI guarantee
Under EFSD+ Guarantee
Proposed EIB finance (Approximate amount)
EUR 20 million
Total cost (Approximate amount)
not applicable
Environmental aspects
BEA shall take all the requisite measures to ensure that the final beneficiaries undertake to implement and operate the financed sub-projects in line with the requirements of the applicable national legislation and the relevant 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. Due to its thematic focus, this operation will contribute to youth employment, gender equality and women's economic empowerment and will support capacity development and resilience of individuals working in the blue economy sector.
Procurement
BEA shall take all requisite measures to ensure that any procurement procedures carried out by final beneficiaries for the financed sub-projects in line with the EIB's Guide to Procurement.
Status
Signed - 6/05/2025