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Proparco and the Bank for Trade and Industry Mauritania sign a USD 12 Million Guarantee for Trade Finance operations
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The guarantee package granted by Proparco amounts to 12 million dollars. It will enable Banque pour le Commerce et l'Industrie (BCI) Mauritanie to strengthen its import financing activity in Mauritania, which is essential for the functioning of the economy.
Founded in 1999, Banque pour le Commerce et l'Industrie (BCI) Mauritania has over the years established itself as one of the leading banks in its market.
BCI Mauritania and Proparco have entered into this partnership in order to strengthen the availability of financing for the trade economy in Mauritania and to support imports of essential goods with a key player in the sector, which offers a wide range of financial services to its clients.
This 2-year facility will allow BCI Mauritania to issue trade finance instruments for a total amount of USD 12 million, with a guarantee from AFD Group of up to 100%. It aims to encourage foreign correspondent banks to develop their trade finance operations with BCI Mauritania and its local clients, thus enabling the import of essential goods, notably agricultural foodstuffs and medical and industrial equipment.
For Emmanuel Haye, Head of Africa of Proparco's Financial Institutions and Inclusion Division: "This operation will allow us to support BCI Mauritania in an essential activity for the country, the financing of imports, in a context of significant increase in commodity prices".
For Isselmou Tajidine, Chairman and CEO of BCI: "We thank Proparco for its interest in the BCI Group. This line of guarantees will complement those we have with our other correspondents. It will provide us with additional capacity to strengthen and intensify our international trade, for the benefit of our clients and our national economy, in a constantly changing environment.