Summary of Proposed Investment
Project Number
7368
Company Name
Generale De Banque De Mauritanie Pour L'Investissement Et Le Commerce
Date SPI Disclosed
Feb 23, 1996
Country
Mauritania
Industry
Financial Markets
Status
Completed
Sector
Commercial Banking - General
Department
Global Industry, Financial Markets
Environmental Category
FI
Previous Events
Approved : Jun 14, 1996
Signed : Apr 29, 1998
Invested : Jun 4, 1998
Project Description
Summary Of Project Information (SPI)
| Project Name | Mauritania-Générale de Banque de Mauritanie (GBM) |
| Region | Sub-Saharan Africa |
Sector
Project No007368
Projected Board DateMarch 28, 1996
Company NameGénérale de Banque de Mauritanie pour le Commerce et l’Industrie
Technical Partner and/or Major Shareholders
The technical partner is Bank Belgolaise, a 58% subsidiary of Général Bank, a large Belgian bank. Belgolaise controls and manages a growing network of commercial banks in Africa. Major shareholders are: Bank Belgolaise: 20%; Mauritanian Private Investors: 70%
Project Cost Including proposed IFC investment
US$8 million. IFC is requested to take a 5% shareholding in the Bank’s capital for an amount of up to US$200,000 equivalent. IFC would also provide a medium-term equity credit line of up to US$4 million equivalent.
Location of project and Description of site
Nouakchott and Nouadhibou, the main cities in Mauritania
Description of Company and Purpose of Project
The project consists of establishing a private commercial bank (GBM)in Mauritania. IFC’s credit line would be used to fund investment needs for export-oriented Mauritanian enterprises and GBM’s trade finance activities.
Environmental Category and Issues
This is an environmental review category FI project. For relevant operations, GBM will be required to undertake an environmental review of each sub-project. In addition, IFC will assess GBM’s capability of carrying out environmental reviews.
| Date SPI sent to PIC | February 23, 1996 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365
Sponsor / Cost / Location
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