Mauritania - Financial Infrastructure Modernization Support Project (PAMIF)


Project Summary

Approval Date 15 Dec 2017
Signature Date 11 Feb 2018
Planned Completion Date 31 Dec 2020
Last Disbursement Planned Date 31 Dec 2020
Sovereign / Non-Sovereign Sovereign
Sector Finance
DAC Sector Code 24030
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

Funding
African Development Fund
Extending
Government of Islamic Republic of Mauritania
Implementing
Banque Centrale de Mauritanie (BCM)

Information

IATI identifier 46002-P-MR-HZ0-004
Last Update 31 Oct 2019

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Contact Details

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

Geographic Location

Country Mauritania