|Approval Date||12 Dec 2002|
|Signature Date||22 Apr 2003|
|Sovereign / Non-Sovereign||Non Sovereign|
|DAC Sector Code||24030|
The present project involves a credit line of $ 10 million to the "Générale de Banque de Mauritanie (GBM)". It aims at medium-term financing of viable projects mainly in the sectors of industries and services eligible for Bank financing. The projects to be financed under this intervention should be financially profitable and solvent. In addition, they should respect the environmental standards as defined in the laws and regulations in Mauritania and in the policies and procedures of the Bank. In addition, the foreign exchange risk of foreign currency loans should be assumed by the final borrowers who will repay their loans in the currency of their loans. Borrowers should be able to repay in local currency at the rate of exchange prevailing between ouguiya and the loan currency on the date of payment.
The objective of the project is to finance viable projects in the medium term, mainly in the sectors of industries and services eligible for Bank financing. Specifically, the line of credit should be used to acquire capital goods and supplies necessary for the realization of investments for the creation, modernization, extension and renovation of companies with high growth potential.
The direct beneficiary of this line of credit is the "Générale de Banque de Mauritanie (GBM)". In addition, it should indirectly benefit businesses and industries.
African Development Bank
|Last Update||31 Oct 2019|