SocGen Mauritania ATRI GTFP

pending

 The proposed Project is an unfunded trade finance facility under IFC’s Global Trade Finance Program (“GTFP” or the “GTFP Facility”) in an aggregate amount of approximately US$10 million, booked under the Africa Trade and Supply Chain Recovery Initiative (“ATRI”), benefiting from a 25 percent pooled first loss guarantee. The purpose of the Project is to support Société Générale Mauritanie (“SGM” or the “Bank”) following the exit of the Société Générale Group, on which the Bank previously relied for its international trade operations. The Project will also help advance the Bank’s strategic plan to expand its trade finance activities in a market that remains largely cash-driven and is negatively impacted by the ongoing de-risking measures taken by Correspondent and Confirming Banks.