Sign in Subscribe
European Union

European Investment Bank and Banque El Amana Collaborate on €20 Million Loan to Support Small and Medium-Sized Enterprises in Mauritania

Strategic Insights

— 2 min read

The European Investment Bank (EIB) and Banque El Amana (BEA) have signed an agreement to provide a €20 million loan to support small and medium-sized enterprises (SMEs) in Mauritania. The loan aims to strengthen seafood value chains, a strategic pillar of cooperation between Mauritania and the European Union, as part of the Sustainable Fisheries Partnership Agreement promoting responsible management of fishing resources.

The operation targets at least 30% of the financing towards firms led or owned by women, or that have a large share of women on staff, in accordance with the international criteria of the 2X Challenge. This initiative reflects the shared objectives of Mauritania and Team Europe, and builds on collaboration between the German Federal Ministry for Economic Cooperation and Development (BMZ), the German development bank KfW, and several Mauritanian banks, including BEA, to develop value chains around small pelagic fish for human consumption.

Key Takeaways:

  • The €20 million loan is specifically earmarked to support small and medium-sized enterprises (SMEs) in Mauritania.
  • At least 30% of the financing target firms led or owned by women, or that have a large share of women on staff, in accordance with the international criteria of the 2X Challenge.
  • Another 30% of the financing is set aside for firms led or owned by young people, or that have a large share of young workers.
  • The operation aims to strengthen seafood value chains, a strategic pillar of cooperation between Mauritania and the European Union, as part of the Sustainable Fisheries Partnership Agreement promoting responsible management of fishing resources.
  • The loan is provided through the European Fund for Sustainable Development Plus (EFSD+) under the European Union's Global Gateway strategy.
  • Banque El Amana aims to promote sustainability by implementing a loan facility in partnership with KfW development bank to promote the local processing and availability of small pelagic fish.

Statistics:

  • €20 million loan to support SMEs in Mauritania.
  • At least 30% of financing targeted towards firms led or owned by women.
  • Another 30% of financing set aside for firms led or owned by young people.
  • €125 million budget made available by the European Union to promote human development, transition to green and blue economies, and good governance in Mauritania for 2021-2024.
  • European Investment Bank aims to support €100 billion of investment by the end of 2027 as part of the Global Gateway strategy.

Sources:

  • European Investment Bank
  • Banque El Amana
  • European Union's Global Gateway initiative
  • German Federal Ministry for Economic Cooperation and Development (BMZ)
  • German development bank KfW
  • 2X Challenge
  • European Fund for Sustainable Development Plus (EFSD+)
  • Central Bank of Mauritania

Read more