Mauritania receives $600mn from Islamic Development Bank

Mauritania has benefited from a global envelope of USD 600 million from the International Islamic Trade Finance Corporation (ITFC) under the Islamic Development Bank.

According to the Mauritanian news agency, AMI, the agreement has been signed between by the Mauritanian Minister of Economy and Industry, Sheikh El Kebir Moulay Taher and the Executive Director of the ITFC, Hani Soumbul.

This envelope will be released over a period of 5 years from 2020, at an annual average of USD 120 million. It will be devoted to the following types of activities:

• Importation of basic energy products such as crude oil and petroleum products,
• The granting of credit lines to local banks in order to support the private sector,
• The development of a capacity building program to improve agriculture.

During this meeting, Mauritania was invited by the ITFC to join the Arab-African commercial bridges program, given its strategic geographic position. Speaking for the occasion, the Minister of Economy and Industry welcomed the exceptional interest that the Islamic Development Bank group and particularly the ITFC gives to Mauritania’s economic and social development programs and to the efforts of development in the country.