African Development Bank eases funding for SMEs in Mauritania

The African Development Bank (AfDB) and finance company, Mauritania Leasing, have signed an agreement for a grant of $365,000 provided by the Fund for African Private Sector Assistance (FAPA) to help finance small and medium-scale enterprises in the country.

The Bank, in a statement issued November 22, 2011, said the agreement was signed by its Resident Representative at the Senegal Regional Office, Mrs. Leila Mokaddem and Mr. Ebe Ould Ebe, Mauritania Leasing Executive in Dakar November 15, 2011 at a short ceremony.

AfDB says FAPA’s technical assistance will help build Mauritania Leasing’s capacity in promoting the provision of sustainable, affordable and innovative leasing instruments to aid the development of Mauritanian SMEs in key sectors such as agro-industry, tourism, public works and transport.

“FAPA’s technical assistance grant of US$ 365,000 is designed as a complement to the line of credit and will allow Mauritania Leasing to strengthen its operations as leader in leasing provision and its catalytic role in funds mobilisation for Small and Medium Enterprises projects in Mauritania”, said Mrs. Mokaddem.

By Ekow Quandzie