Summary of Proposed Investment
Project Number
9457
Company Name
Generale De Banque De Mauritanie Pour L'Investissement Et Le Commerce
Date SPI Disclosed
Oct 21, 1999
Country
Mauritania
Industry
Financial Markets
Status
Completed
Sector
Commercial Banking - General
Department
Global Industry, Financial Markets
Environmental Category
FI
Previous Events
Approved : Dec 7, 1999
Signed : Dec 13, 1999
Invested : Dec 20, 1999
Project Description
Summary Of Project Information (SPI)
| Project Name | Mauritania - GBM Revolver |
RegionSub-Saharan Africa
Sector
Project No009457
Projected Board DateNovember 22, 1999
Company NameGénérale de Banque de Mauritanie (GBM)
Technical Partner and/or Major Shareholders
The technical partner is Banque Belgolaise, a 58% subsidiary of Fortis/Générale de Banque of Belgium, one of the largest European banking groups. Générale de Banque de Mauritanie''s (GBM)''s shareholders are: Banque Belgolaise (30%), Mr. Mohamed Bouamatou (20%), other Mauritanian investors (45%), IFC (5%).
Project Cost Including proposed IFC investment
The revolving credit line will be financed through a US$7 million IFC A loan.
Location of project and Description of site
Nouakchott and Nouadhibou, the main cities in Mauritania.
Description of Company and Purpose of Project
The project is to provide a revolving credit line of US$7 million to GBM. The proposed revolving credit line would provide necessary resources for GBM to further develop its trade finance activities and also to provide necessary short-term working capital financing for its clients in the various productive sectors of the Mauritanian economy.
Environmental Category and Issues
This is a Financial Intermediary Type 1 project. GBM will be required to develop an environmental management system to cover relevant operations (e.g., project finance, corporate finance). GBM must require that investments under relevant operations meet host country environmental, health and safety requirements. IFC will work with GBM to develop an environmental review capacity. GBM will be required to provide an annual environmental performance report to IFC.
| Date SPI sent to InfoShop | October 21, 1999 |
“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384
Sponsor / Cost / Location
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