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- The deal will revamp the financing of imports of oil, sugar, wheat, cement, construction equipment, vehicles, and consumer goods.
- It will also support the purchase, processing, storage, and transportation of fisheries and mining products for export.
- IFC will also provide advisory support to Banque Populaire de Mauritanie (BPM), strengthening its corporate governance capacity.
Businesses across Mauritania are set to receive enhanced financial support following the International Finance Corporation’s (IFC) move to provide the Banque Populaire de Mauritanie (BPM) with $10 million a trade credit line.
The trade facility will help BPM scale up lending to businesses to finance imports of oil products. Further, importers of sugar, wheat, cement, construction equipment, vehicles, and consumer goods will benefit.
IFC loan to revamp export trade
The facility will also support the purchase, processing, storage, and transportation of fisheries and mining products for export.
Despite having vast natural resources, Mauritania faces challenges such as …
The private sector in the African continent is set to receive US480 billion in investments over the next five years.
The investments will be made by a consortium of organizations under the G7 Development Finance Institutions (G7 DFI) which includes the European Investment Bank and the private sector arm of the African Development to support sustainable economic recovery and growth in Africa.
The proposed investments come at a time when the Covid-19 pandemic has caused a severe global economic and health crisis, including in the African continent.
The IMF estimates that sub-Saharan Africa needs additional financing of around $425 billion between now and 2025 to help strengthen the pandemic response spending and reduce poverty in the region.
This marks the first time the G7 DFIs have come together to make a collective partnership commitment to the African continent.
The G7 DFI group consists of CDC, Proparco (France), JICA and JBIC …