Nouakchott, Mauritania, June 27, 2023 – IFC today announced a financing package for Banque Mauritanienne de l'Investissement (BMI), a leading shariah-compliant Mauritanian bank, to help boost lending to small businesses and women-owned businesses in the country and to support BMI's fast-growing trade finance operations.

IFC's support of up to $30 million includes a loan of up to $20 million to BMI under the Base of the Pyramid Program to help BMI scale up its Islamic finance lending to MSMEs that face challenges accessing financing to run and grow their businesses. Sharia-compliant banking - financial products and services that comply with the principles of Islamic law - is an increasingly important part of Mauritania's financial sector.

In addition, at least 25 percent of IFC's loan is earmarked for women-owned businesses in the country, promoting increased gender equality by encouraging female entrepreneurship.

To support the steady movement of strategic goods to and from Mauritania, IFC will also provide a trade finance facility of up to $10 million to BMI under the Global Trade Finance Program (GTFP) and the Africa Trade Recovery Initiative (ATRI), reinforcing BMI's ability to support Mauritanian MSMEs' trade finance needs.

Limited access to finance and trade finance for MSMEs in Mauritania is a major constraint to private sector development and hinders the country's trade and economic development. IFC's support will help MSMEs, including women-owned businesses, access the financing they need to grow their businesses and foster the movement of goods, thus supporting increased economic activity and job creation.

"We are delighted to sign this long-term and comprehensive partnership with IFC and be the first bank in Mauritania to be granted a senior loan by IFC in 18 years," said Mohamed Yahya Sidi Jiddou, CEO of BMI.

"Increasing access to finance for underserved segments in Mauritania is critical to help speed recovery from the COVID-19 pandemic and as businesses face new challenges arising from global economic uncertainty. IFC is proud to partner with BMI to help increase the availability of trade finance in Mauritania which is critical to help keep trade flowing in the country," said Josiane Kwenda, IFC's