Mauritania - Financial Infrastructure Modernization Support Project (PAMIF)

Project Summary

Approval Date	15 Dec 2017
Signature Date	11 Feb 2018
Planned Completion Date	31 Dec 2024
Last Disbursement Planned Date	31 Dec 2024
Sovereign / Non-Sovereign	Sovereign
Sector	Finance
DAC Sector Code	24030
Environmental Category	3
Commitment	U.A 3,600,000
Status	Implementation

Project General Description

The Financial Infrastructure Modernization Support Program (PAMIF), designed on the basis of the recommendations of the Financial Stability Assessment (FSAP 2015), is considered as a starting point for the establishment of the basic infrastructure of the financial sector in Mauritania. The project will contribute to creating the necessary conditions for a sustained economic recovery, in particular by improving the financing of economic activities to further support the development of the private sector, the main engine of growth. The project is divided into two main components. The first component is aimed at modernizing the national payments system and setting up an information system at the Central Bank. The second component, relating to the modernization of foreign exchange operations and strengthening the stability of the financial sector, will make it possible to support the implementation of the exchange rate policy through the installation of an interbank market trading room change; and the establishment of supervision tools for the banking and microfinance sectors, which have seen significant development in recent years. The total cost of PAMIF is estimated at UA 4 million (UA 3.6 million from ADF and UA 0.4 million from the national counterpart).

Project Objectives

The overall objective of the project is to help build the capacity of the BCM for the development of the Mauritanian financial sector. The specific objectives of the project are: (i) establishment of the national payments system; (ii) modernize the BCM's information system; (iii) support the implementation of the exchange rate policy by setting up an interbank trading room for foreign exchange transactions; and (iv) strengthen the stability of the banking and microfinance sector.

Beneficiaries

The direct beneficiaries of the project are: (i) the central structures of the BCM in charge of the development and maintenance of the stability of the financial sector, but also the public authorities who will be better able to manage the foreign exchange reserves across the room interbank market; (ii) economic operators, who will benefit from an automated payment system that will reduce the costs and delays of financial transactions, and better access to finance for the development of their activities, in particular in foreign currencies for acquisition of production equipment; (iii) the different segments of the population, especially women and young people carrying projects, through the development of the microfinance sector, which offers new opportunities for financial inclusion throughout the country.

Participating Organization

Extending

Government of Islamic Republic of Mauritania

Implementing

Banque Centrale de Mauritanie (BCM)

Implementing

GOUVERNEMENT DE MAURITANIE MINISTERE DES "FINANCES,DIRECTION DE LA DETTE EXTERIEU

Funding

African Development Fund

Information

IATI identifier	46002-P-MR-HZ0-004
Last Update	25 Mar 2023

Export

Contact Details

Name	Ismail MAHAMOUD HOUSSEIN
Email	i.mahamoudhoussein@afdb.org

Geographic Location

Country	Mauritania

Coordinates	Location Name
18.08581 -15.9785	Nouakchott

Project Classification

Finance Type	Aid Loan Excluding Debt Reorganisation
Flow Type	ODA
Aid Type	Project Type Interventions

Commitments

U.A 3,600,000

African Development Fund

U.A 3,600,000

Disbursements

Repayments (Interest & Loan)

Document Type	Language	Document
General Procurement Notice	fr	GPN - Mauritanie - Projet dAppui a la Modernisation de lnfrastructure Financiere PAMIF
Expression of interest	fr	viewer
Expression of interest	fr	ppm web pamif bcm
Expression of interest	fr	EOI – Mauritanie - Etude de faisabilite? pour la mise en place d’une salle de marche? interbancaire des changes - Prorogation du de?lai - PAMIF
Expression of interest	fr	EOI – Mauritanie - Projet d’Appui a? la Modernisation de l’Infrastructure Financie?re PAMIF
Evaluation Report	fr	viewer
Evaluation Report	fr	viewer
Evaluation Report	fr	viewer
Contract	en	listing of awarded contracts from 2015 to 2020 as at february 2021
Contract	en	LISTING OF AWARDED CONTRACTS FROM 2013 TO 2018 AS AT APRIL 2019
Contract	en	LISTING OF AWARDED CONTRACTS FROM 2013 TO 2018 AS AT SEPT 2018
Contract	en	listing of awarded contracts from 2014 to 2019 as at october 2019
Contract	en	listing of awarded contracts from 2014 to 2019 as at january 2020
Contract	fr	viewer
Appraisal report	en	Mauritania - Financial Infrastructure Modernization Support Project PAMIF
Contract	en	LISTING OF AWARDED CONTRACTS FROM 2013 TO 2018 AS AT JAN 2019
Appraisal report	fr	Mauritanie - Programme d appui à la modernisation de l’infrastructure financière PAMIF
Contract	fr	viewer
Evaluation Report	fr	viewer

Indicator	Indicator Measure	Target Year	Target Value	Actual Year	Actual Value
A modern national payment system is established improving the development of the financial system	None	2017	Compensation during the day	2022	Day+2
Money market management is improved	None	2017	2 hours	2022	Day+3
Actors trained in the use of the national payment system	Number	2017	100.0	2022	0.0
Actors trained in the use of the national payment system - of which women	Number	2017	35.0	2022	0.0
Reduction of the rate of outstanding debts (bank credit)	%	2017	18.0	2022	23.0
Share of long-term credits in relation to outstanding credit	%	2017	10.0	2022	5.0
Bank penetration rate	%	2017	25.0	2022	10.0
Validation of the feasibility study for the establishment of an interbank exchange trading room	None	2017	Feasibility study validated	2022	Not available
Operationalisation of the interbank exchange trading room	None	2017	Interbank foreign exchange trading room operational	2022	No interbank exchange trading room
Operationalisation of the reporting system for banking sector supervision	None	2017	Automated banking reporting system operational	2022	No automated reporting system
Operationalisation of the generic reporting information system for microfinance institutions	None	2017	Information system operational	2022	No automated reporting system
Women benefiting from microcredit	Number	2017	500000.0	2022	292000.0
Installation of the IT infrastructure necessary for effective operation of the information system	None	2017	The BCM's IT infrastructure is in place by the end of 2019	2022	Insufficient IT infrastructure
Number of actors trained in foreign exchange operations	Number	2017	50.0	2022	0.0
Number of actors trained in foreign exchange operations - of which women	Number	2017	12.0	2022	0.0
Number of actors trained in the supervision of the banking and microfinance sector	Number	2017	100.0	2022	0.0
Number of actors trained in the supervision of the banking and microfinance sector - of which women	Number	2017	35.0	2022	0.0
Implementation of the national payment system ATS/CSD: RTGS, remote clearing, central depository	None	2017	National payment system launched (go live) after validation and testing	2022	Several payment system semi-annual interfaces
Implementation of a Mauritanian Central Bank (BCM) core banking information system	None	2017	The Mauritanian Central Bank (BCM) is operational by end 2020	2022	Absence of a core banking system (unsatisfactory internal solution)
Support for the implementation of a generic reporting system for microfinance institutions	None	2017	Operational information system	2022	No automated reporting system