Nouakchott, 17 June 2021 | Banque Mauritanienne pour le Commerce International (BMCI), a leading local lender committed to the development of small and medium-sized enterprises (SMEs), and the Mauritania division of Invest in Africa (IIA), a non-profit initiative focused on growing local businesses in Africa, have signed a partnership agreement to extend access to finance to SMEs in Mauritania working closely with the extractives industry.
The partnership, which marks the first agreement between IIA Mauritania and a domestic lender, aims to accelerate participation of local SMEs in the oil and gas supply chain. IIA can leverage existing experience from work with British Petroleum (BP) in Grand Tortue Ahmehim (GTA), spanning Senegal and Mauritania. The agreement makes BMCI IIA’s fourth banking partner in the GTA project, with three other partners in Senegal.
Improved access to finance will address a range of commercial constraints they currently face. This involves limited availability of cheap capital and difficulties in accessing domestic and international lending markets. The partnership will also ensure SMEs receive funding advice and training.
Commenting on the partnership agreement, BMCI CEO, Moulay Abbas, expressed his delight at working with IIA, “BMCI’s team is looking forward to a successful partnership with IIA and are happy to provide our services to promote the development of African businesses.”
IIA Mauritania country Director Bocar-Alpha Ba noted, “This is a crucial period of economic development for Mauritania and SMEs need to be afforded opportunities to grow. In partnering with BMCI, whose commitment to SME development aligns with ours, we are optimistic about the future for local businesses to sustain and thrive.”
This comes as the Mauritanian government has pledged its commitment to the sustainable development of the country’s extractives industry, notably through supporting Mauritanian enterprises to become active suppliers to international oil companies. IIA is preparing local SMEs to maximise upcoming opportunities, pledging a series of webinars and workshops on improving access to skills, markets and finance, complementing strong local commitment of public and private bodies.