BMCI, TagPay set to rout out digital bank Masrv for value-added financial services

MAURITANIA – The Mauritanian Bank for International Trade (BMCI) has partnered with TagPay to roll out its digital bank Masrvi, aimed at providing digital, value-added financial services to its customers. Powered by TagPay, Masrvi was launched at the end of April and responds to Mauritanians’ banking needs by providing secure and accessible banking services, across the country through mobile networks, whilst offering convenience. “By leveraging TagPay’s next-generation Core Banking System and their teams’ project expertise, we were able to launch our digital bank, Masrvi, in record time. Within a month…

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Recyclable waste collector WeCycle secures US$3m investment from Inside Capital

MAURITANIA – Inside Capital, an independent private equity manager, has invested US$3.1 million in the Mauritian recyclable waste collector company WeCycle, to drive its local and regional expansion. WeCyle’s core business consists of collecting paper and cardboard for export to recycling companies in India, Indonesia, South Korea and Madagascar. Inside Capital’s investment will support WeCycle to substantially expand its waste collection capabilites over the next three years. Furthermore, this investment will provide the company with the means to install paper and carton waste recycling facilities in Mauritius, transforming paper waste…

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Spanish energy company Elecnor sells stake in Mauritanian wind power project to Siemens

MAURITANIA– Spanish energy company Elecnor has offloaded its stake in the Boulenouar wind power project, located in Western Mauritania, to German company Siemens AG. The Spanish energy company Elecnor is withdrawing after helping to set up the consortium responsible for the development of this clean energy project. The consortium was originally comprised of Elecnor, German company Siemens, and Siemens Gamesa Renewable Energy, a wind energy specialist based in Zamudio, Spain. The share acquisition by Siemens significantly increases the German company’s share in the consortium that it now controls with its…

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Mauritania receives US$2.1m grant from AfDB to bolster resilience against climate related shocks

MAURITANIA – The Islamic Republic of Mauritania has received a US$2.1 million grant from the African Development Bank to boost the country’s resilience against climate related shocks and food insecurity. AfDB in a statement revealed the funds were sourced from the African Development Fund and that it was extending the funding under its Africa Disaster Risk Financing (ADRiFi) program. ADRIFI in addition to providing African countries assistance in paying risk premiums, enhances the management of natural disaster risk by strengthening national capacities. Other countries in Africa that have implemented ADRiFi…

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