General de Banque de Mauritanie (GBM)

completed

Summary Of Project Information (SPI)Project NameMauritania-Générale de Banque de Mauritanie (GBM)RegionSub-Saharan AfricaSectorProject No007368Projected Board DateMarch 28, 1996Company NameGénérale de Banque de Mauritanie pour le Commerce et l’IndustrieTechnical Partner and/or Major Shareholders The technical partner is Bank Belgolaise, a 58% subsidiary of Général Bank, a large Belgian bank. Belgolaise controls and manages a growing network of commercial banks in Africa. Major shareholders are: Bank Belgolaise: 20%; Mauritanian Private Investors: 70%Project Cost Including proposed IFC investment US$8 million. IFC is requested to take a 5% shareholding in the Bank’s capital for an amount of up to US$200,000 equivalent. IFC would also provide a medium-term equity credit line of up to US$4 million equivalent.Location of project and Description of site Nouakchott and Nouadhibou, the main cities in MauritaniaDescription of Company and Purpose of Project The project consists of establishing a private commercial bank (GBM)in Mauritania. IFC’s credit line would be used to fund investment needs for export-oriented Mauritanian enterprises and GBM’s trade finance activities.Environmental Category and Issues This is an environmental review category FI project. For relevant operations, GBM will be required to undertake an environmental review of each sub-project. In addition, IFC will assess GBM’s capability of carrying out environmental reviews.Date SPI sent to PIC February 23, 1996For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 676-0365