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Economic recovery: The AfDB approves 10 million euros for Mauritania

22/07/2021
Categories: Economy/Forex

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The fight against the Covid-19 pandemic is accompanied by strategies to revive the seized up economic machine. Thus, the African Development Bank (AfDB) has granted a line of credit to the Mauritanian Bank for Commerce and Industry (BCI) to support the country's Small and Medium Enterprises.

The AfDB Board of Directors approved the operation last Friday in Abidjan, Côte d'Ivoire. With the granting of this financing, the AfDB will allow the BCI to “have liquidity in foreign currencies”. This money will be used to "prefinance the acquisition of machinery, inputs, equipment, consumer goods, foodstuffs and materials for the benefit of the health, agriculture, industry, construction, fish processing, food and handicrafts". According to Malinne Blomberg, AfDB Deputy Director General for North Africa and Country Manager for Mauritania, the objective is to “further facilitate access to financing for Mauritanian SMEs”. According to her, the ambition of the financial institution is to “offer new perspectives by encouraging (these companies) to launch themselves into buoyant markets in order to quickly relaunch growth and create sustainable jobs”. This is the third line of financing from which the BCI benefits. In 2008 and 2016, she received a total of around US$16 million. Through the financing of the BCI, the financial institution intends to: "feed", "industrialize" and "integrate Africa" with a catalytic effect on the achievement of the objective "improve the quality of life of the African populations". .

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