Nouakchott, Mauritania, January 15,
2019—IFC, a member of the World Bank Group, today announced an advisory
agreement with the Government of Mauritania to improve the business environment
and strengthen entrepreneurship in the country.
Mauritania has made significant strides
in recent years in improving its business environment: Since 2015 Mauritania
has moved up 28 places in the World Bank Group’s flagship yearly Doing
Business report rankings and was among the top 10 reformers in the
2016 edition. Despite this progress, Mauritania’s private sector remains
mostly informal and businesses are constrained by the legal and regulatory
framework. These constraints include weak property rights, the lack of
an effective commercial justice system, difficult access to credit, and
sometimes complex cross-border trade procedures.
Under agreement signed this week, IFC
will provide advisory services to help address these legal and regulatory
constraints. IFC will also work with the government to build a sustainable
entrepreneurship program to make it easier for MSMEs – particularly those
led by women and youth – to grow.
Aliou Maiga, IFC Director for West and
Central Africa, said: “These major reforms will help create a sustainable
and dynamic small business sector in Mauritania, making it easier for Mauritanians
to create and grow their businesses. I am confident that Mauritanian youth
– including women – will see entrepreneurship as a realistic path, and
in the process create jobs and help the country’s economy move forward”.
The project, which is funded by the
Government of Japan, will run until June 2020.
IFC—a sister organization of the World
Bank and member of the World Bank Group—is the largest global development
institution focused on the private sector in emerging markets. We work
with more than 2,000 businesses worldwide, using our capital, expertise,
and influence to create markets and opportunities in the toughest areas
of the world. In fiscal year 2018, we delivered more than $23 billion in
long-term financing for developing countries, leveraging the power of the
private sector to end extreme poverty and boost shared prosperity. For
more information, visit www.ifc.org