Nouakchott, Mauritania – 29 June 2025
In a major boost to private sector development in Mauritania, the African Development Bank (AfDB) has approved a comprehensive €25.5 million trade finance facility for Générale de Banque de Mauritanie (GBM). The financing package is designed to expand access to credit for small and medium-sized enterprises (SMEs) and women entrepreneurs, while enhancing Mauritania’s import capabilities across key sectors.
The approval marks the second strategic partnership between AfDB and GBM, and is expected to significantly address the structural trade finance gap limiting economic growth in the country. The package includes:
€15 million line of credit for trade finance €5 million trade finance guarantee to support GBM’s engagement with confirming banks €500,000 grant under AfDB’s AFAWA initiative via the Women Entrepreneurs Finance Initiative (We-Fi) $5 million in co-financing from the Africa Growing Together Fund (AGTF)—a joint fund between AfDB and the People’s Bank of China
According to Ahmed Attout, Director of the AfDB’s Financial Sector Development Department, the facility is structured to strengthen GBM’s capacity to issue letters of credit and other trade finance instruments, with the Bank providing up to 100% risk coverage for confirming banks.
“This partnership with GBM provides essential resources to enhance its trade finance offerings. It injects liquidity into the system while de-risking trade finance operations, thus fostering greater business activity, especially among SMEs,” Attout said.
The facility will target priority sectors such as renewable energy, agriculture, fisheries, infrastructure, light manufacturing, telecommunications, and essential goods. These sectors are vital for Mauritania’s development and economic resilience.
Leila Boumatou, CEO of GBM and the only female bank CEO in Mauritania, welcomed the deal, highlighting its transformational impact on inclusive growth.
“This is more than a financial transaction—it’s an engine for inclusive progress. By targeting women-led SMEs and key industrial sectors, we are translating capital into lasting economic impact,” she said. “This partnership allows us to fill longstanding financing gaps and empower entrepreneurs to turn local ambition into scalable businesses.”
The AfDB emphasized that this initiative aligns with its strategy to scale up private sector financing in North Africa. Malinne Blomberg, Deputy Director General for North Africa at AfDB, noted:
“This facility strengthens GBM’s ability to support productive sectors and create thousands of jobs. It will help accelerate industrialization and increase resilience in the Mauritanian economy.”
About GBM:
Générale de Banque de Mauritanie is a key player in the country’s financial ecosystem, known for its SME focus and active role in international trade finance. With €68 million in equity and a portfolio of 1,300 business clients, the bank is uniquely positioned to channel development finance into high-impact areas.
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