Banque El Amana (BEA) and the European Investment Bank (EIB Global) signed an agreement for €20 million to finance small and medium-sized companies (SMEs) in Mauritania, at the 4th International Conference on Financing for Development (FfD4).
At least 30% of the financing will target firms led or owned by women, or that have a large share of women on staff. Another 30% is set aside for firms led or owned by young people, or that have a large share of young workers.
BEA chief executive Mohamed Ahmed Salem Bouna Moctar: “This partnership with the EIB strengthens BEA’s role in supporting the development of the blue economy in Mauritania. It reflects our commitment to sustainable, inclusive and innovative growth, serving youth, women and the responsible use of our natural resources.”
EIB Vice-President Ambroise Fayolle said, “By focusing on sustainable fisheries – a strategic sector for the Mauritania’s economy – we are helping conserve natural resources while promoting more resilient and inclusive value chains. I am also pleased at this project’s focus on the economic empowerment of young people and women, who are often underrepresented in access to finance, but whose role in local development is paramount. It is this dual ambition – environmental and social – that captures the spirit of our work with BEA and our EU partners under the Global Gateway strategy.”
European Commissioner for International Partnerships Jozef Síkela said: “With this Global Gateway investment, we are further deepening our support for sustainable fisheries and the blue economy in Mauritania, while also expanding opportunities for women-led businesses and young people. I’m pleased to see that following my mission to Mauritania last December, our partnership continues to grow stronger.”
Financial inclusion of women and young people
The 30% target for firms led or owned by women, or that have a large share of women on staff, is in accordance with the international criteria of the 2X Challenge. In Mauritania, despite significant progress, women’s access to finance is still limited, especially in forward-looking sectors in fishing and agricultural transformation.
The objective of creating sustainable economic opportunities for Mauritanian youth is fully in line with the EU-Mauritania partnership on migration launched in March 2024 to increase local employment, in a country where more than 60% of the working population is under 35, and to strengthen regional stability.
BEA is already driving financial inclusion. In 2023, in partnership with the United Nations High Commissioner for Refugees, the bank opened a branch in the Mbera refugee camp to give displaced populations and their host communities access to financial services.
Strategic partnership for sustainable fisheries
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.
All companies in the fisheries sector that benefit from the partnership between the EIB and BEA must commit to improving their practices and obtaining international environmental certifications, in particular from the Marine Stewardship Council. Targeted technical assistance will be provided to support this transformation.
This agreement 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. It serves the blue economy, an area of integrated development supported by the European Union through Global Gateway, along with the construction project for a landing site for artisanal canoe fishing on Mauritania’s southern coast. The funds are being provided through the European Fund for Sustainable Development Plus(EFSD+) under the European Union’s Global Gateway strategy.
Background information
About EIB Global
The EIB is the long-term lending institution of the European Union, owned by the Member States. It finances investments that contribute to EU policy objectives.
EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner in the Global Gateway. It aims to support €100 billion of investment by the end of 2027 – one-third of the overall target of this EU strategy. It is designed to foster strong, focused partnership within Team Europe alongside fellow development finance institutions and civil society. EIB Global brings the EIB Group closer to people, companies and institutions through its offices around the world.
Source: EIB