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Loans to help Finance Three Projects in Mauritania
On Thursday 05/03/2020, two loan agreements totaling KD 61 Million were signed, in Kuwait, between the Government of the Islamic Republic of Mauritania and the Arab Fund. Additionally, on Monday 27/04/2020, a third loan agreement, for the amount of KD 15 Million, was also signed, in Kuwait, between the same parties.
The three loan agreements were signed, on behalf of the Islamic Republic of Mauritania, by H.E. Mr. Abdel Aziz Dahi, the Minister of Economy and Industry. H.E. Mr. Abdlatif Yousef Al-Hamad, Director General/ Chairman of the Board of Directors of the Arab Fund, signed the three agreements on behalf of the Arab Fund.
Below are the details of these loans and the projects they will help finance:
First Project: Tidjikja – Kiffa – Selibaby – Mali Border Road.
A loan agreement, valued at KD 52 million, was signed to help finance the Tidjikja – Kiffa – Selibaby – Mali Border Road project in the Islamic Republic of Mauritania, which aims at contributing to the development of land transport services on the main road network in the country, ensuring traffic safety, and stimulating trade between various regions of the country, and between Mauritania and neighboring countries, by providing an internal axis to improve the connection between north, center and south of the country, as well as the connection between Tidjikja and the Mali border.
The project will also contribute to the development of the areas adjacent to the road by increasing their accessibility, and the improvement of the economic and social conditions of their residents.
The project includes the following main components:
- Civil works.
- Consultancy services.
- Institutional support.
The Arab Fund loan will carry interest of 2% per annum, and will be repayable over 31 years including a 7 year grace period.
The Ministry of Equipment and Transport is the beneficiary of the loan, and responsible for the supervision and implementation of the project.
Second Project: Development of Oases.
A loan agreement, valued at KD 9 Million, was signed to contribute to the development of oases in the Islamic Republic of Mauritania.
The project aims at conserving and developing existing Mauritanian oases, and creating new ones, through the rationalization of the use of water from existing surface wells, the excavation of deep wells to irrigate new areas using modern irrigation systems for palm tree cultivation, in addition to the preservation of water and soil in the oases areas, which will contribute to the increase in agricultural production. The project also contributes to the efforts to combat poverty and unemployment in the oases areas, improve the farmers’ income, provide job opportunities and achieve stability for the residents.
The project includes the following main components:
- Water and irrigation works.
- Expansion of the date preserving and packaging unit.
- Technical services.
- Institutional support.
The Arab Fund loan will carry interest of 2% per annum, and will be repayable over 31 years including a 7 year grace period.
The Ministry of Rural Development is the beneficiary of the loan, and is responsible for the supervision and implementation of the project.
Third Project: Emergency Program to Ward off the Effects of the Corona Pandemic.
A loan agreement, valued at KD 15 Million, was signed to help finance a program aimed at contributing to the efforts to ward off the effects of the Corona pandemic in the Islamic Republic of Mauritania.
The program aims to ward off the effects of the Corona pandemic in the Islamic Republic of Mauritania and the resulting negative repercussions in various sectors. The program includes the implementation of all the works, supplies, services, and advisory and technical services necessary, as agreed upon by the beneficiary and the Arab Fund.
The Arab Fund loan will carry interest of 2% per annum, and will be repayable over 30 years including a 7 year grace period.
With the signing of this loan, the Arab Fund’s total contribution to financing projects in the Islamic Republic of Mauritania now amounts to KD 739.7 Million.
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