SNIM (62 percent shareholder of GHM) is a State-owned Enterprise (SOE) responsible for managing Mauritania’s mining assets and is the country’s largest company with revenues estimated at ~US$1.3 billion (12 percent of Mauritania nominal GDP). The other two shareholders (Al Raja Holdings and Wafa Holdings, each holding a 19 percent stake in GHM) are two of Mauritania’s largest private sector conglomerates (active in construction, banking, transport, agribusiness, real estate, and mining).

 The total Project cost is estimated to be up to US$90 million.  The Proposed investment is an up to US$15 million equivalent in EUR for IFC’s own account.

 The Project is located in Nouakchott (Mauritania).

This is a Category B project based on IFC’s 2012 Policy on Environmental and Social Sustainability as the proposed Project is expected to have limited adverse E&S risks and/or impacts that are few in number, generally site-specific, largely reversible, and readily addressed through mitigation measures, as described in the following sections.

Key environmental and social (E&S) risks and issues include: (i) adequacy of the company’s and the Operator’s E&S management systems and staffing to manage E&S aspects of the hotel’s operations in compliance with legal requirements as well as IFC Performance Standards (PSs), World Bank Group (WBG) General EHS Guidelines and WBG EHS Guideline for Tourism and Hospitality Development; (ii) assurance of fair, safe and healthy working conditions for workers and contractors, during both construction and operation including OHS, working hours, freedom of association and collective bargaining, prevention of sexual harassment and gender based violence and harassment (GBVH); (iii) resource efficiency and management of wastes, effluents and emissions; (iv) climate risks; (v) life and fire safety (L&FS) management including emergency preparedness and response; and (vi) stakeholder engagement and community grievance mechanism