The Islamic Development Bank Provides US$ 121 Million to participate in Financing of Two Development Projects in Mauritania

Nouakchott: 1/12/2009 : A delegation from the Islamic Development Bank (IDB) headed by the IDB Vice-President Birama Sidibe visited the Islamic Republic of Mauritania on an official mission during the period 1-3 December 2009.
An agreement was signed by the IDB Vice-President under which the IDB shall provide an amount of US$ 108 million to participate in the Modernization and Development Program for the Mauritanian Industrial and Mining Corporation (SNIM). The agreement was signed on behalf of the Mauritanian counterpart by H.E. Sidi Ould Tah, Minister of Economic Affairs and Development, H.E. Sidahmed Ould Rayess, the Governor of the Central Bank of Mauritania and Hon. Talib Ould Abdivall, the General Manager of SNIM.
The Total cost of this huge project is about US$ 1 billion. In addition to the IDB, a number of regional and international banks and financial institutions are to participate in financing the project, including the African Development Bank, the European Investment Bank, the French Development Agency and other financial institutions and commercial banks.
The Mauritanian government accords this project the highest priority as SNIM constitutes the backbone of the Mauritanian economy. After the implementation of the project, SNIM will be able to increase its production by 4 million tones of steel annually and create 1500 new job opportunities. Under the same project, a steel factory will be constructed, in addition to a new water distribution network.
The IDB Vice-President Birama Sidibe, and H.E Sidi Ould Tah, Minister of Economic Affairs and Development, signed another financing agreement on 2.12.2009 amounted to USD 12.92 Million in favor of R’KIZ Irrigation Development Project, within the framework of Jeddah Declaration to help member countries which have been mainly affected by the global food crisis.
H.E. the President of the Republic, Mohamed Ould Abdel Aziz, received a delegation of the financiers headed by the IDB Vice-President Birama Sidibe of the project at the Presidential Palace. The IDB delegation also met with a number of high Mauritanian government officials during the visit including the Prime Minister, H.E. Dr. Moulai Ould Mohamed Alaghzaf, where the two sides discussed the ways and means to further strengthen cooperation.