Source: European Investment Bank
In Mauritaina, economic inclusion is lower, especially for women, than in many neighbouring countries, such as Morrocco and Senegal. The percentage of women in the workforce is about 26%. This level has stayed about the same for the past few decades, according to the World Bank. Among men, labour participation is nearly 60%. Helping women get jobs will give a big lift to gross domestic product, according to the founders of the 2X Challenge. Youth unemployment also is high in Mauritania, at about 24%.
Oumar Mohamed Saleh, a Bank for Commerce and Industry loan officer in Mauritania’s capital, Nouakchott, says it’s almost impossible to give loans to most women without support from the European Investment Bank. The terms of the cooperation with the European Investment Bank allow his bank to make repayments longer, reduce interest rates or ease clients’ collateral requirements. These terms are important because women often don’t have big incomes and they don’t have a home or car in their name to use as collateral. The Bank for Commerce and Industry can also allow clients to pause their payments if they are having business troubles.
“If a woman wants to set up a little business, such as selling doughnuts, they can’t go to a bank, because they usually won’t get a loan,” Saleh says. “Women end up working informally, making clothes or helping in food preparation. But today, we can help many of these women.”