The objective of the Financial/PrivateSector Capacity Building project (1995-2000) was to assistthe Government of Mauritania in implementing a program ofprivate sector promotion through strengthening the legal andregulatory framework and creating an enabling environmentfor private investment. The project was put in place at atime when major macro-economic imbalances had already beenaddressed and it extended and deepened reforms initiatedunder the adjustment program in the mid-1980s. It focused onactivities which (i) encourage investor interest in theprivate sector, particularly in mining and fishing by, forexample, revising commercial and tax codes ; and (ii)strengthen the financial sector for providing better creditand banking services needed for the development of privatesector activities. Lessons learned focused on genuinestakeholder participation to achieve intended objectives.Mauritania has modernized its business law without anyconflict with Islamic law thanks to the involvement oftraditional magistrates in the law preparation process. Itwould have been helpful to have limited the number ofexecuting agencies involved in delivering the severalcomplex components. Institutional change, particularly inthe context of limited capacity, requires long-term action.Lastly business incentives should not be reduced to aspecial tax regime.
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