GHM (IFC-48242)

Countries
  • Mauritania
Geographic location where the impacts of the investment may be experienced.
Specific Location
Nouakchott
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Apr 30, 2026
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
GRAND HOTELS DE MAURITANIE SA
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 15.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS May 27, 2026

Disclosed by Bank Mar 4, 2026

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to bank provided information, the proposed investment is a US$15 million IFC A Loan to Grands Hotels de Mauritanie SA (“GHM” or the “Company”). GHM is a special purpose vehicle established to develop a 200-key Edge-certified upper upscale hotel in Nouakchott (the "Hotel") and operated by Marriott International (the “Operator”) under the Sheraton brand (the “Project”). The majority shareholder of GHM is Société Nationale Industrielle et Minière (“SNIM” or the “Sponsor”). Proceeds of the proposed US$15 million IFC A Loan will be used to settle an existing bridge loan which was raised by GHM to complete the development of the Hotel. The Hotel features restaurants, swimming pools, and shops. The design and construction of the Hotel were managed by GHM, in collaboration with the Operator. Construction of the Hotel started in 2017; however, due to the COVID-19 pandemic, construction was halted and subsequently restarted in 2023. The construction of the Hotel was completed in September 2025 and had a soft opening in October 2025. In January 2026, the Hotel had a 20% occupancy rate.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

 SNIM (62 percent shareholder of GHM) is a State-owned Enterprise (SOE) responsible for managing Mauritania’s mining assets and is the country’s largest company with revenues estimated at ~US$1.3 billion (12 percent of Mauritania nominal GDP). The other two shareholders (Al Raja Holdings and Wafa Holdings, each holding a 19 percent stake in GHM) are two of Mauritania’s largest private sector conglomerates (active in construction, banking, transport, agribusiness, real estate, and mining).

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Société Nationale Industrielle et Minière (SNIM) Parent Company -
- - - - Wafa Holdings Investor -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.
Grands Hotels de Mauritanie SA
Mokthar Mohamed Ebeye
CEO
+224 44 90 31 61
e.mokhtar@snim.com

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries 

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org 

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How it works