ICD has established a landmark partnership with FSA and successfully disbursed USD 20 Million Shariah-Compliant Line of Financing to Banque Mauritanienne de l'Investissement to advance Private Sector and SME Development in Mauritania
- Under the landmark risk sharing partnership between ICD and the African Solidarity Fund (FSA), ICD has successfully disbursed a USD 20 million Shariah-compliant Line of Financing Facility to Banque Mauritanienne de l’Investissement (BMI), reaffirming its commitment to supporting private sector development in Mauritania.
- The transaction reflects ICD’s renewed confidence in Mauritania’s economy and in BMI as a trusted financial partner.
- The three-year facility, supported by a guarantee from the African Solidarity Fund (FSA), an African regional multilateral institution specializing in credit guarantee and risk mitigation, will expand access to Shariah-compliant financing for private sector enterprises, with a particular focus on small and medium-sized enterprises (SMEs) and productive enterprises.
- The financing is expected to promote entrepreneurship, stimulate private investment, create employment, strengthen local value chains and contribute to economic diversification.
- The transaction is expected to support job creation while contributing to the achievement of targeted Sustainable Development Goals (SDGs).
- The facility will contribute to an inclusive private sector growth, employment generation and sustainable economic development in the Islamic Republic of Mauritania.
Jeddah, Saudi Arabia / Nouakchott, Mauritania, 10 July 2026 –
The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IsDB) Group, has established a landmark risk sharing partnership with the African Solidarity Fund (FSA) which has resulted in a successful disbursement of a USD 20 million Shariah-compliant line of financing facility to Banque Mauritanienne de l’Investissement (BMI), reaffirming their dedication to sustainable private sector development in Mauritania. This landmark transaction underscores ICD’s and FSA’s commitment to the country’s private sector and reinforces BMI’s emergence as one of Mauritania’s leading Islamic financial institutions.
The three-year facility will bolster Mauritania's private sector by broadening access to Shariah-compliant financing for small and medium-sized enterprises (SMEs), which are widely recognized as the backbone of the economy and essential engines of innovation, job creation, and long-term sustainable growth.
The facility benefits from a guarantee provided by the African Solidarity Fund (FSA), a regional multilateral institution dedicated to facilitating access to finance through credit guarantees and risk mitigation solutions. This partnership underscores the effectiveness of cooperation between regional and international development finance institutions in supporting private sector-led growth, demonstrating the value of collaboration in mobilizing resources and expanding financing opportunities for the private sector.
Through BMI, the facility will finance a wide array of businesses across Mauritania, targeting agriculture as the primary sector. Beyond agriculture, the financing will bolster productive sectors, stimulate investment, strengthen local value chains, and advance financial inclusion and economic diversification. The transaction is fully consistent with ICD's mandate to foster sustainable private sector development and inclusive growth in its member countries.
Commenting on the transaction, Dr. Khalid Khalafalla, Acting Chief Executive Officer of ICD said:
“the successful disbursement of this financing marks an important milestone for ICD in Mauritania. Through ICD’s partnership with FSA and Banque Mauritanienne de l’Investissement, we are expanding access to Shariah-Compliant financing and supporting the growth of Mauritania’s private sector, particularly small and medium sized enterprises, which are key drivers of Job creation and sustainable economic development in the country. This transaction also demonstrates how innovative risk-sharing solutions, through partnership with African Solidarity Fund (FSA), can unlock additional financing capacity, optimize the deployment of development finance and amplify impact across ICD’s member countries.”
The President of the African Solidarity Fund (FSA), Mr. Abdourahmane DIALLO, stated: “
“This transaction with ICD and BMI concretely demonstrates the African Solidarity Fund’s ambition to take its financing mobilization efforts to the next level in support of Africa’s private sector. By providing a guarantee for this USD 20 million financing facility, FSA contributes to mitigating risks and facilitating access to Shariah-compliant financing for Mauritanian SMEs and productive enterprises.
This approach, based on risk-sharing and the mobilization of strong partnerships with regional and international financial institutions, is fully aligned with the ambition of our New Summit 2026–2030 Strategic Plan: to mobilize greater resources, strengthen our capacity to intervene, and amplify the impact of financing on African economies.
The partnership between ICD, FSA and BMI demonstrates that by combining expertise, guarantees and strong local market presence, we can generate significant leverage for the benefit of the private sector, job creation and sustainable development in Africa.”
Mr. Mohamed Yahya Sidi, General Director for Banque Mauritanienne de l’Investissement (BMI), stated:
“The successful disbursement of this financing facility represents far more than a USD 20 million line of financing. It reflects the confidence placed by ICD and FSA in BMI’s governance, financial soundness and development mission. We are particularly proud that this transaction represents ICD's renewed engagement in Mauritania. This facility will significantly strengthen our ability to finance Mauritanian SMEs, foster entrepreneurship, create employment and support sustainable economic growth. It also reinforces BMI’s commitment to serving as a trusted partner for the private sector while contributing to the implementation of Mauritania’s national development priorities.”
The transaction reflects the shared commitment of ICD, FSA and BMI to strengthening Mauritania’s private sector through innovative Islamic finance solutions and effective partnerships. By combining ICD’s development finance expertise with FSA’s risk mitigation capabilities along with BMI’s strong local market presence, the initiative broadens access to finance for SMEs, encourage entrepreneurship and contribute to inclusive and sustainable economic development.
ICD remains committed to supporting private sector development across its 56 member countries by delivering innovative Shariah-compliant financial solutions and forging strategic partnerships with financial institutions that share its vision of sustainable and inclusive growth.
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About Banque Mauritanienne de l'Investissement (BMI)
Banque Mauritanienne de l’Investissement (BMI) is one of the leading Islamic banks in the Islamic Republic of Mauritania.
Since its establishment, BMI has experienced sustained growth and has become one of the country’s leading financial institutions. Operating in full compliance with Shariah principles, the Bank provides a comprehensive range of financial solutions to corporates, SMEs and retail customers.
Supporting SMEs remains at the heart of BMI’s business strategy, reflecting the Bank’s conviction that entrepreneurship and private sector development are essential drivers of economic growth and employment.
BMI has established strategic partnerships with several leading international development finance institutions, demonstrating its ability to mobilize international resources in support of Mauritania’s economic development. Through prudent governance, sound financial management and a strong commitment to innovation and financial inclusion, BMI continues to play a leading role in supporting sustainable private sector development in Mauritania.
About the African Solidarity Fund (FSA)
The African Solidarity Fund (FSA) is a pan-African multilateral financial institution headquartered in Niamey, Niger, with resident missions in Abidjan, Côte d’Ivoire, and Port Louis, Mauritius. Operational since 1979, FSA facilitates access to financing for its member states and their economic stakeholders through guarantee, risk mitigation and financing mobilization solutions.
With 24 member states, FSA has established itself as a key pan-African institution supporting resource mobilization, private sector financing and investment across Africa. FSA benefits from a Baa1 rating with a stable outlook from Moody’s and an AAA(WU) regional scale rating from GCR Ratings, with a short-term rating of A1+(WU). FSA is also ISO 9001:2015 certified for its quality management system.
Through its New Summit 2026–2030 Strategic Plan, FSA aims to take a further step forward in mobilizing resources, developing strategic partnerships and amplifying its impact in support of African economies.
Website: www.fondsolidariteafricain.org
Media Contact : fsa@fondsolidariteafricain.org
About ICD
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development finance institution and member of the Islamic Development Bank (IsDB) Group. Established in November 1999 and headquartered in Jeddah, Saudi Arabia, ICD supports economic development in its 56 member countries by providing financial assistance to private sector projects in accordance with Shariah principles. With an authorized capital of USD 4.0 billion and more than 25 years of operational excellence, ICD complements IsDB's activities by promoting capital market development, best management practices, and enhancing the role of market economies. ICD holds strong credit ratings of A2 by Moody's, A+ by Fitch, and A by S&P. For more information, visit www.icd-ps.org and follow ICD on X (@icd_ps), LinkedIn (@icdps), Facebook (@icdps), and YouTube (@icdps).
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