Business
European Investment Bank Boosts Banque Mauritanienne De l’Investissement with €20m Financing
Banque Mauritanienne de l’Investissement (BMI) has secured a significant financial boost of €20 million through a loan provided by the European Investment Bank (EIB).
This partnership marks the first collaboration between EIB and the Mauritanian financial sector since 2006. The agreement falls under the newly established 2023-2027 collaboration between the European Commission and EIB, aimed at financing the private sector in Africa, the Caribbean, and the Pacific.
Supporting Mauritanian Businesses: EIB’s €20m Loan To BMI
The collaboration between EIB and BMI is set to benefit around 400 small businesses and mid-cap enterprises in Mauritania.
The €20 million loan from EIB to BMI will have a significant multiplier effect, mobilizing up to €40 million in financing for Mauritanian businesses. This amount is twice the value of the loan provided by EIB.
Furthermore, the financing allocation aims to prioritize the empowerment of women and young people, with a minimum of 30% of the funds directed towards each group.
Enhancing Opportunities For Women And Youth: Portfolio Guarantee Agreement
To further promote inclusivity and empower underrepresented groups, the portfolio guarantee agreement associated with the EIB loan will specifically focus on startups and businesses led by or benefiting women and young people.
This strategic approach aims to create an environment that nurtures entrepreneurship among women and supports the growth of young enterprises.
Memorandum Of Understanding: A Step Towards Sustainable Development
On July 10, 2023, Banque Mauritanienne de l’Investissement (BMI) and the European Investment Bank (EIB) solidified their collaboration by signing a memorandum of understanding (MoU) with the support of the European Commission.
This MoU paves the way for the deployment of a €20 million long-term financing package from EIB to BMI. The funds will be utilized for loans to small and medium-sized enterprises (SMEs) and mid-cap companies in Mauritania.
The European Fund for Sustainable Development Plus (EFSD+) will provide support for this initiative, along with a portfolio guarantee worth €3.2 million, financed by the European Fund for Sustainable Development (EFSD).
Driving Human Development In Mauritania
This collaboration aligns with the EU’s strategic objective of fostering human development, as outlined by the European Commission in Mauritania for the 2021-2024 period.
The focus areas include the socio-professional inclusion of young people, promoting equal treatment and opportunities, and combating various forms of discrimination, including gender-based discrimination and discrimination against vulnerable groups.
Promoting Gender Equality And Youth Empowerment
A minimum of 30% of the EIB funds mobilized by BMI will be dedicated to supporting companies led by young entrepreneurs or those contributing to youth employment and training.
Similarly, another 30% of the EIB loan will be allocated to enterprises that empower women in various roles, including as entrepreneurs, managers, employees, and consumers.
These initiatives are in line with the 2X Challenge, which emphasizes the importance of gender equality. Additionally, the criteria align with OECD gender objectives, recognizing gender equality as a fundamental goal.
Climate Reporting Assistance: Enhancing Sustainability
Recognizing the urgent need for climate action, EIB will provide technical assistance to BMI to establish climate reporting based on the guidelines of the Task Force on Climate-related Financial Disclosures (TCFD).
This international initiative, supported by numerous central banks, regulators, and financial institutions, aims to enhance transparency and accountability in climate-related financial matters.
Shared Vision For Economic Growth: Perspectives From BMI CEO
BMI CEO Mohamed Yahya Sidi expressed his gratitude for the financing agreement, acknowledging the €20 million credit line and guarantee that will facilitate €40 million in loans to businesses.
This agreement marks a significant milestone in the Mauritanian economy, strengthening the position of BMI as a key player.
Sidi emphasized the importance of SMEs in generating employment opportunities, reducing inequality and unemployment, and contributing to poverty eradication.
He highlighted the capacity of SMEs to foster innovation, ideas, and entrepreneurial spirit.
Partnership For A Prosperous Future: EIB Vice-President’s Perspective
EIB Vice-President Ambroise Fayolle emphasized the significance of the partnership with Banque Mauritanienne de l’Investissement.
He highlighted the aim of supporting Mauritanian businesses, particularly SMEs, by providing access to financing for young people and women.
The collaboration with the financial sector in Mauritania after 17 years reflects EIB’s commitment to bolstering the economy and promoting socio-economic development.
Fayolle emphasized the potential of this partnership to create new opportunities, especially for young people and women.
EU’s Commitment To Mauritania’s Development
His Excellency Gwilym Jones, Ambassador of the European Union to the Islamic Republic of Mauritania, reaffirmed the European Union’s commitment to supporting the country’s development and improving the living conditions of its people.
The agreement between BMI and EIB further complements the substantial financial assistance provided by the European Union, with over €200 million in grants allocated to Mauritania since 2021.
The collaboration between the European Investment Bank and Banque Mauritanienne de l’Investissement represents a significant milestone in fostering economic growth and inclusivity in Mauritania.
The partnership aims to empower women, support youth employment, and promote sustainable development.
Through this strategic collaboration, Mauritanian businesses, particularly SMEs, will gain access to the necessary financial resources to thrive and contribute to the country’s socio-economic advancement.
By Abubakar Yunusa
The Association of Labour Veteran and Trade Union Assembly has voiced its support for President Bola Tinubu’s economic reforms, claiming that food prices have significantly decreased across the country.
In a statement issued on Thursday, the union’s interim president, Comrade Isa Tijjani, acknowledged the initial economic hardship faced by Nigerians at the beginning of Tinubu’s administration but insisted that government efforts had led to tangible improvements.
“At the start of this administration, the cost of food soared, and the nation was filled with cries of hunger and complaints. People were urged to be patient as the government worked towards solutions,” Tijjani said.
“Now, the President and his aides have worked tirelessly, and prices have come down drastically. However, I have yet to hear words of appreciation for their efforts. Recognising their achievements will encourage them to do even more for the nation.”
Tijjani, a former national vice-president of the Nigeria Labour Congress, urged Nigerians to differentiate between constructive criticism and unwarranted opposition.
He emphasised that engaging with the government in a respectful and solution-oriented manner would yield better results than resorting to hostility.
“The President of this country today is Alhaji Bola Ahmed Tinubu. Advising him in a humble and respectful manner will be more productive than adopting a confrontational stance. Constructive engagement achieves more than threats and name-calling,” he added.
Tijjani also condemned the recent act of violence in Edo State, describing it as a cowardly attempt to incite division and instability in Nigeria.
He welcomed the swift response of both the President and the Governor of Edo State in addressing the situation and called for the perpetrators to be brought to justice.
The labour leader further urged union members to participate in the upcoming General Executive Council meeting, where the union’s position on national issues will be formalised and disseminated at all levels of governance, from the state to the local and ward levels.
The Tinubu administration has faced criticism over the country’s economic challenges, including inflation and currency depreciation. However, government officials have maintained that their policies will yield long-term benefits for Nigeria’s economy.
Sterling Bank has announced the removal of transfer fees on all local online transactions.
The move was confirmed by the bank on Tuesday in a press release.
The development makes it the first major Nigerian bank to eliminate the contentious charges for digital banking.
The statement noted that the bank reaffirmed its commitment to customer-centric banking, declaring that the zero-transfer-fee policy is real and effective immediately.
The initiative is expected to bring significant relief to individuals and small business owners who conduct frequent transactions.
The bank’s Growth Executive in charge of Consumer and Business Banking, Obinna Ukachukwu, described the decision as a values-driven approach aimed at ensuring fair and inclusive banking.
“We believe access to your own money shouldn’t come with a penalty.
“This is more than a financial decision—it’s about redefining banking to put customers first,” he stated.
Under the new policy, Sterling customers will not be charged for local transfers conducted via the bank’s mobile app.
Ukachukwu emphasised that the bank’s decision is about more than just competitive strategy.
He said, “We’re not yet the biggest bank in Nigeria, but we’ve been the boldest.
Sterling fearlessly believes in the future of Nigeria, and this is us backing Nigerians with more than words.
The Central Bank of Nigeria dismissed a report claiming it had introduced N5,000 and N10,000 banknotes to facilitate cash transactions as false.
In a statement posted on its official X handle on Wednesday, the apex bank described the report as fake and urged Nigerians to disregard it.
“The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng,” the statement read.
A statement from the CBN’s communications department further clarified, “The only official sources for releasing statements to the media are our website or statements from our department. There is also no Deputy Governor by such name. We are investigating the source of this fake content.”
The report quoted one Deputy CBN Governor, Ibrahim Tahir Jr., the move is aimed at reducing cash-handling costs and providing Nigerians with more efficient means of conducting large transactions.
“The introduction of these new high-value denominations aligns with global best practices and will enhance economic activities while reducing the stress associated with carrying large amounts of cash,” the Governor stated. The CBN said there is no such name in its leadership.
“The new N5,000 note will feature the portrait of Chief Obafemi Awolowo, while the N10,000 note will showcase Dr. Nnamdi Azikiwe, both in recognition of their contributions to Nigeria’s development.
“Additionally, the new notes will incorporate enhanced security features, including color-changing ink, holograms, and anti-counterfeiting technology, making them impossible to replicate,” the fake report stated.
The fake report also said the nationwide rollout would begin on May 1, 2025, with commercial banks instructed to start issuing the new notes via ATMs and over-the-counter transactions.