IFC, BEA Partner to Boost MSME and Women’s Finance in Mauritania with $30M

This new funding from IFC will enable BEA to significantly expand its lending capacity to underserved MSMEs, helping to unlock their economic potential.

In a significant move to enhance financial inclusion and economic growth in Mauritania, the International Finance Corporation (IFC) has announced a new $30 million financing partnership with Banque El Amana (BEA). The initiative is aimed at expanding medium- and long-term financing for micro, small, and medium-sized enterprises (MSMEs)—with a strong focus on supporting women-owned businesses and creating thousands of new jobs across the country.

Unlocking Opportunities for Mauritania’s MSMEs

MSMEs in Mauritania represent a critical pillar of the national economy, accounting for nearly 86% of the workforce. However, almost half of these enterprises face restricted access to finance, which hinders growth, limits productivity, and constrains job creation.

This new funding from IFC will enable BEA to significantly expand its lending capacity to underserved MSMEs, helping to unlock their economic potential.

“Smaller businesses are pillars of Mauritania’s economy,” said Olivier Buyoya, IFC Division Director for West Africa. “Our partnership with Banque El Amana will improve access to finance, increase long-term lending, and create opportunities for small businesses and women entrepreneurs.”

Creating Jobs and Advancing Women’s Economic Empowerment

Over the next five years, the IFC-BEA partnership is expected to:

• Support the creation of 6,100 direct and indirect jobs

• Expand BEA’s MSME loan portfolio from $200 million (2024) to $526 million (2029)

• Strengthen BEA’s capacity to serve women-owned businesses, with a goal of increasing their share to at least 25% of the bank’s loan portfolio by 2029

To help achieve this target, the financing package includes a performance-based incentive under the Women Entrepreneurs Opportunity Facility (WEOF), a global initiative that boosts lending to women-led businesses in emerging markets.

Strengthening BEA’s Institutional Capacity

Beyond financial support, IFC will also provide technical assistance to help BEA:

• Upgrade risk management systems

• Improve credit assessment and lending operations

• Strengthen corporate governance frameworks

• Enhance gender-focused banking services and products

This capacity-building support aims to create a more inclusive, resilient, and customer-centric banking environment that aligns with global best practices and the unique needs of the Mauritanian market.

“This financing strengthens the partnership between BEA and IFC,” said Mohamed Bouna Moctar, CEO of Banque El Amana. “It allows us to expand our support to MSMEs, especially women-owned businesses, which play a significant role in Mauritania’s economic transformation.”

A Broader Vision for Inclusive Private Sector Growth

The partnership forms part of IFC’s broader strategy to accelerate private sector-led development in Mauritania, where it has committed over $2.07 billion as of the end of 2024.

IFC is investing across key sectors such as:

• MSME development

• Agribusiness and value chain strengthening

• Mining and extractives

• Energy, with a focus on renewable energy and gas-to-power projects

In parallel, IFC is also supporting the Government of Mauritania with policy reforms, including:

• Modernizing the national investment code

• Promoting financial literacy among SMEs

• Enhancing financial inclusion at the grassroots level

A Pathway to Sustainable and Inclusive Finance

This collaboration between IFC and BEA represents a milestone in Mauritania’s journey toward sustainable economic development. By mobilizing capital, empowering women entrepreneurs, and modernizing banking practices, the program is expected to drive inclusive growth, boost job creation, and build a more resilient private sector.

As Mauritania positions itself as a dynamic player in West Africa’s economic landscape, the emphasis on inclusive finance, women’s economic empowerment, and green job creation will remain central to its long-term success.