Nouakchott, Mauritania, December 23, 2022 – IFC Managing Director, Makhtar Diop, said today that IFC is seeking to grow its investments and impact in Mauritania, particularly to support access to finance and the agribusiness and green energy sectors, and to help the country more generally strengthen and diversify its private sector for inclusive growth and job creation.
IFC's commitment to increase its activities in Mauritania came as Diop concluded a visit to the country, where he met with senior private and public sector partners, including His Excellency, President Mohamed Ould Cheikh El Ghazouani, and Minister of Economic Affairs, Ousmane Mamoudou Kane.
This was Diop's first official visit to Mauritania as IFC Managing Director. His discussions focused on how IFC can help promote greater participation in Mauritania's private sector and public private partnership opportunities, and support growth in financial services, small-and medium sized enterprises (SMEs), and infrastructure, among other sectors.
Diop also participated in a roundtable that convened business leaders to discuss challenges faced by the private sector and to explore growth opportunities.
"A stronger private sector that aligns with the country's economic diversification strategy will help Mauritania achieve a resilient post-pandemic recovery and future sustainable development," Diop said. "IFC is committed to supporting growth in Mauritania and is seeking new investments in the country, including in agribusiness and green energy. IFC is also ready to do more to help strengthen Mauritania's human capital, and to promote economic governance to foster a more inclusive, diversified, and resilient economy."
With growth projected to reach four percent in 2022 and accelerate to 5.1 percent in 2023, Mauritania's recovery from the COVID-19 pandemic is well underway, but a stronger business climate would help attract more private investment and speed development and job creation going forward.
IFC has ramped up its investments in Mauritania over the last three years with a combined total financing package of nearly $1 billion, including funds mobilized. IFC's strategy in Mauritania focuses on the energy and mining sectors, agribusiness and access to finance for SMEs.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. IFC works in more than 100 countries, using its capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.
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