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The Islamic Republic of Mauritania

Debt Reduction

 

Loan No.: 414 Interest Rate: 0.5 %
Beneficiary: Islamic Republic of Mauritania Grace Period: 10 years
Project Cost: KD 190.0 million Maturity: 40 years
Amount of Loan: KD 14.0 million Repayment: 61 semi-annual installments
Date of Loan Agreement: 25/04/2001 First Installment: 10 years from the date of the Fund's withdrawal
Date of Effectiveness: 12/09/2001    

 

Objectives:

The purpose of this project is to help reduce the high debts of the Islamic Republic of Mauritania by granting a new loan and modifying the terms of a number of effective loans granted by the Arab Fund to Mauritania. This is done as part of the (HIPC) program.

Description:

In order to achieve the required debt reduction for Mauritania, the Arab Fund loans to Mauritania were divided into 2 groups: 

1-   First Group of Loans: the Arab Fund granted Mauritania a loan amounting to KD 14 million to be used for the repayment of the unpaid withdrawn balances of 13 current loans.

 

2-   Second Group of Loans: This group consists of seven loans totaling about KD 25 million. The lending terms of these loans will be modified according to the new lending terms, and their old repayment schedules will be replaced with new ones. The new lending terms for both groups will have a 40 year maturity period, including a 10 year grace period and an interest rate of 0.5%.

Financing:

The Arab Fund loan represents about 7% of the total project cost.

 

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