Banque Mauritanienne pour le Commerce International

completed

Summary Of Project Information (SPI)Project NameMauritania- Banque Mauritanienne pour le Commerce International (BMCI)RegionSub-Saharan AfricaSectorProject No007558Projected Board DateJanuary 31, 1997Company NameBanque Mauritanienne pour le Commerce InternationalTechnical Partner and/or Major Shareholders Mr. Sidi Mohamed Abass, the founder and principal owner of BMCI is a 60-year old, well-known and respected Mauritanian businessman. Together with his family and affiliated companies, Mr. Abass controls 61% of BMCI’s shares. Project Cost Including proposed IFC investment The project involves IFC providing a US$10 million equivalent credit line to BMCI. BMCI’s total assets and equity amount respectively to US$98 million and US$14 million. Location of project and Description of site The Bank is headquartered in Nouakchott and has five branches in the main provincial centers. Description of Company and Purpose of Project BMCI is the largest private commercial bank in Mauritania. So far, BMCI has concentrated on short-term operations and has lacked term resources to expand its project finance activities. The proposed line of credit would enable the Bank to fund working capital and investment needs of export-oriented Mauritanian enterprises as well as to further develop the Bank’s trade finance activities.     Environmental Category and Issues This is an environmental review category (FI) project. For relevant operations, BMCI will be required to undertake an environmental review of each sub-project. In addition, IFC will assess BMCI’s capability in carrying out these environmental reviews.     Date SPI sent to PIC December 23, 1996     For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 676-0365