GBM Revolving Credit Line

completed

Summary Of Project Information (SPI)Project NameMauritania - GBM RevolverRegionSub-Saharan AfricaSectorProject No009457Projected Board DateNovember 22, 1999Company NameGénérale de Banque de Mauritanie (GBM)Technical Partner and/or Major Shareholders The technical partner is Banque Belgolaise, a 58% subsidiary of Fortis/Générale de Banque of Belgium, one of the largest European banking groups. Générale de Banque de Mauritanie''s (GBM)''s shareholders are: Banque Belgolaise (30%), Mr. Mohamed Bouamatou (20%), other Mauritanian investors (45%), IFC (5%).Project Cost Including proposed IFC investment The revolving credit line will be financed through a US$7 million IFC A loan.Location of project and Description of site Nouakchott and Nouadhibou, the main cities in Mauritania.Description of Company and Purpose of Project The project is to provide a revolving credit line of US$7 million to GBM. The proposed revolving credit line would provide necessary resources for GBM to further develop its trade finance activities and also to provide necessary short-term working capital financing for its clients in the various productive sectors of the Mauritanian economy. Environmental Category and Issues This is a Financial Intermediary Type 1 project. GBM will be required to develop an environmental management system to cover relevant operations (e.g., project finance, corporate finance). GBM must require that investments under relevant operations meet host country environmental, health and safety requirements. IFC will work with GBM to develop an environmental review capacity. GBM will be required to provide an annual environmental performance report to IFC.Date SPI sent to InfoShop October 21, 1999“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 974-4384