GBM was established in 1995 as a unique partnership in the Mauritanian Banking Sector between a major European financial group (Belgolaise Fortis Group) and a number of Mauritanian businessmen from various origins, led by Mr. Mohamed Bouamatou, the Bank’s founder and main shareholder. GBM’s strategy since inception has been to offer to selected corporate customers a wide range of banking services, using state of the art technology and leveraging its relationship with its foreign partner. Mohamed Ould Bouamatou, the largest shareholder of the Bank, controls 31.04% of GBM’s shareholdings. Mr. Bouamatou is a well-respected local entrepreneur with a wide variety of business interests. Apart from his activities in Mauritania, Mr. Bouamatou is a shareholder in African Financial Holdings, the holding company of the bank of Africa Group. Belgolaise Bank (Belgolaise) is the second largest shareholder with a 30% stake in the Bank. Belgolaise is 100% owned by Fortis Group, one of the largest European banks. Belgolaise has developed an extensive network of associated commercial banks in more than 10 countries in Sub-Saharan Africa. Groupe MAOA, the largest industrial group in Mauritania is the third largest investor in the bank with a 23% interest in GBM. MAOA, which is majority owned by Mohamed Abdullah Ould Abdallah, primarily operates in the agriculture, trade and fishing industries.

The proposed IFC investment consists of an equivalent in Euro of $12 million term loan to GBM to be used for on-lending to sub-borrowers.

9.74 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	9.74
Equity

* These investment figures are indicative

GBM is headquartered in Nouakchott, Mauritania and has another branch in Nouadhibou.

The expected development impact of this project is high, because it will achieve the following objectives in a frontier country: - Contribute to further development of a leading Mauritania bank through allowing for increased asset growth. GBM plays a crucial role in terms of improving the public's confidence in the banking sector in general and providing a role model for other banking institutions in the market. - Allow a leading Mauritanian bank to increase the maturity of its liabilities and thereby better manage its asset and liability position. By supporting GBM’s regional expansion strategy, IFC’s role will complement a broader focus by the World Bank and the IMF to increase the integration of the financial markets in the region.

This is an FI Type 2 project. GBM will need to demonstrate that its existing environmental management system is adequate to address the environmental and social issues of the projects to be financed under this new financing. GBM must require all subprojects to be carried out and operated in compliance with the applicable environmental, health and safety (EH&S) requirements of the country where the subproject is situated. In addition, subprojects whose total cost is less than $500,000 must be consistent with IFC''s Microfinance Exclusion List. Subprojects whose total cost is $500,000 or greater must be carried out in accordance with IFC''s safeguard policies, be consistent with IFC''s Exclusion List, and meet the host country requirements. GBM must obtain IFC clearance prior to making any loan or investment with IFC funds in any Category A subproject, and such a subproject must meet the applicable EH&S guidelines and safeguard policies of the World bank Group.
Location of environmental documents in locally affected community