Spain: EIB Group and CaixaBank to provide small businesses and mid-caps with access to €900 million of new financing to promote investment, cover liquidity needs and back the agricultural sector

This article is published in association with European Investment Bank.

• €20 million loan will support seafood value chains, a strategic pillar of cooperation between Mauritania and the European Union
• 30% of financing specially earmarked for women’s businesses and 30% targeting youth employment
• This operation serves the blue economy, an area of integrated development supported by the European Union through Global Gateway.

Banque El Amana (BEA) and the European Investment Bank (EIB Global) signed an agreement for €20 million to finance small and medium-sized companies (SMEs) in Mauritania, at the 4^th International Conference on Financing for Development (FfD4).

At least 30% of the financing will target firms led or owned by women, or that have a large share of women on staff. Another 30% is set aside for firms led or owned by young people, or that have a large share of young workers.

BEA chief executive Mohamed Ahmed Salem Bouna Moctar: “This partnership with the EIB strengthens BEA’s role in supporting the development of the blue economy in Mauritania. It reflects our commitment to sustainable, inclusive and innovative growth, serving youth, women and the responsible use of our natural resources.”

EIB Vice-President Ambroise Fayolle said, “By focusing on sustainable fisheries – a strategic sector for the Mauritania’s economy – we are helping conserve natural resources while promoting more resilient and inclusive value chains. I am also pleased at this project’s focus on the economic empowerment of young people and women, who are often underrepresented in access to finance, but whose role in local development is paramount. It is this dual ambition – environmental and social – that captures the spirit of our work with BEA and our EU partners under the Global Gateway strategy.”

European Commissioner for International Partnerships Jozef Síkela said: “With this Global Gateway investment, we are further deepening our support for sustainable fisheries and the blue economy in Mauritania, while also expanding opportunities for women-led businesses and young people. I’m pleased to see that following my mission to Mauritania last December, our partnership continues to grow stronger.”

Financial inclusion of women and young people

The 30% target for firms led or owned by women, or that have a large share of women on staff, is in accordance with the international criteria of the 2X Challenge. In Mauritania, despite significant progress, women’s access to finance is still limited, especially in forward-looking sectors in fishing and agricultural transformation.

The objective of creating sustainable economic opportunities for Mauritanian youth is fully in line with the EU-Mauritania partnership on migration launched in March 2024 to increase local employment, in a country where more than 60% of the working population is under 35, and to strengthen regional stability.

BEA is already driving financial inclusion. In 2023, in partnership with the United Nations High Commissioner for Refugees, the bank opened a branch in the Mbera refugee camp to give displaced populations and their host communities access to financial services.

Strategic partnership for sustainable fisheries

The operation aims to strengthen seafood value chains, a strategic pillar of cooperation between Mauritania and the European Union, as part of the Sustainable Fisheries Partnership Agreement promoting responsible management of fishing resources.

All companies in the fisheries sector that benefit from the partnership between the EIB and BEA must commit to improving their practices and obtaining international environmental certifications, in particular from the Marine Stewardship Council. Targeted technical assistance will be provided to support this transformation.

This agreement reflects the shared objectives of Mauritania and Team Europe, and builds on collaboration between the German Federal Ministry for Economic Cooperation and Development (BMZ), the German development bank KfW and several Mauritanian banks, including BEA, to develop value chains around small pelagic fish for human consumption. It serves the blue economy, an area of integrated development supported by the European Union through Global Gateway, along with the construction project for a landing site for artisanal canoe fishing on Mauritania’s southern coast. The funds are being provided through the European Fund for Sustainable Development Plus (EFSD+) under the European Union’s Global Gateway strategy.

Background information

About EIB Global

The EIB is the long-term lending institution of the European Union, owned by the Member States. It finances investments that contribute to EU policy objectives.

EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner in the Global Gateway. It aims to support €100 billion of investment by the end of 2027 – one-third of the overall target of this EU strategy. It is designed to foster strong, focused partnership within Team Europe alongside fellow development finance institutions and civil society. EIB Global brings the EIB Group closer to people, companies and institutions through its offices around the world.

http://twitter.com/EIB

About Banque El Amana

BEA is a Mauritanian commercial bank under private law, established in 1996. It is governed by national legislation and supervised by the Central Bank of Mauritania. BEA provides a wide range of services to a diverse clientele ranging from individuals to large companies – including SMEs. It has nine branches across the country (in Nouakchott, Nouadhibou, Assaba, Trarza, Hodh El Gharbi, and Dakhlet Nouadhibou) and is a market leader in several strategic sectors for the national economy, including fisheries, agri-food, energy, telecommunications and infrastructure. BEA cultivates trusted partnerships with key domestic and international stakeholders across strategic sectors such as energy, industry, agribusiness, services, humanitarian assistance, and development. It collaborates closely with United Nations agencies supporting refugees and vulnerable communities, as well as major actors active in financial inclusion. The bank also relies on a vast network of international correspondent banks, including Société Générale Paris, UniCredit, and BRED – Banque Populaire. In 2023, BEA stepped up its action to promote sustainability by implementing a loan facility in partnership with KfW development bank to promote the local processing and availability of small pelagic fish , illustrating its commitment to supporting Mauritania’s economic and green transition. In the same vein, it also launched its own mobile wallet in 2023, called Amanty. Amanty can be used for payments, transfers and telephone top-ups, strengthening financial inclusion and reducing reliance on cash.

Website: www.bea.mr

LinkedIn: Banque El Amana: Overview | LinkedIn

Facebook: Banque El Amana – Facebook

About the European Union’s priorities in Mauritania

The European Union has been active in Mauritania for 50 years and works to promote socioeconomic development in the country, with a focus on healthcare, education, technical and vocational training, the environment, energy and support for the private sector, particularly in fishing, agriculture and livestock. It also supports the country’s governance, working to modernise public administration, in addition to its involvement in the fields of security, stability and migration management. As part of the 2021-2024 programme, a budget of €125 million was made available to promote human development, the transition to green and blue economies, and good governance. The European Union’s work in Mauritania is part of the Global Gateway, initiative, which fosters sustainable and reliable connections for the benefit of people and the planet.