Summary of Proposed Investment
Project Number
7558
Company Name
BANQUE MAURITANIENNE POUR LE COMMERCE INTERNATIONAL
Date SPI Disclosed
Dec 23, 1996
Country
Mauritania
Industry
Financial Markets
Status
Completed
Sector
Commercial Banking - General
Department
Regional Industry - FIG Africa
Environmental Category
FI
Previous Events
Approved : Mar 7, 1997
Signed : Jul 23, 1997
Invested : Aug 11, 1997
Project Description
Summary Of Project Information (SPI)
| Project Name | Mauritania- Banque Mauritanienne pour le Commerce International (BMCI) |
RegionSub-Saharan Africa
Sector
Project No007558
Projected Board DateJanuary 31, 1997
Company NameBanque Mauritanienne pour le Commerce International
Technical Partner and/or Major Shareholders
Mr. Sidi Mohamed Abass, the founder and principal owner of BMCI is a 60-year old, well-known and respected Mauritanian businessman. Together with his family and affiliated companies, Mr. Abass controls 61% of BMCI’s shares.
Project Cost Including proposed IFC investment
The project involves IFC providing a US$10 million equivalent credit line to BMCI. BMCI’s total assets and equity amount respectively to US$98 million and US$14 million.
Location of project and Description of site
The Bank is headquartered in Nouakchott and has five branches in the main provincial centers.
Description of Company and Purpose of Project
BMCI is the largest private commercial bank in Mauritania. So far, BMCI has concentrated on short-term operations and has lacked term resources to expand its project finance activities. The proposed line of credit would enable the Bank to fund working capital and investment needs of export-oriented Mauritanian enterprises as well as to further develop the Bank’s trade finance activities.
Environmental Category and Issues
This is an environmental review category (FI) project. For relevant operations, BMCI will be required to undertake an environmental review of each sub-project. In addition, IFC will assess BMCI’s capability in carrying out these environmental reviews.
| Date SPI sent to PIC | December 23, 1996 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365
Sponsor / Cost / Location
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