Mauritania, ICD Sign Framework Agreement Worth $900 million

On March 10 in Jeddah, Mr. Abdallah Ould Slimane Ould Cheikh Sidiya, Minister of Economic Affairs and Development, signed a three-year (2026-2028) framework partnership agreement with the Islamic Corporation for Private Sector Development (ICD).

This framework agreement aims to mobilize Shariah-compliant funds amounting to $900 million, allocated to support major strategic projects and strengthen the capacities of the national private sector.

The financing process for the “Atoumai” (integration) mining and steel project in the Tiris Zemmour region is the fundamental pillar of this agreement, as the company will work to establish financing facilities for the development of the iron ore mine and enrichment facilities, in addition to the construction of two iron pellet plants in the city of Nouadhibou and an integrated infrastructure comprising energy and water desalination plants, with a targeted production capacity of up to 10 million tons per year.

The cooperation also includes an important sovereign dimension through an agreement with the Central Bank of Mauritania to help the country prepare for a sovereign credit rating and strengthen the national financial system to ensure effective access to global financial markets and attract long-term investment.

The memorandum also includes the development of the public-private partnership (PPP) environment and the opening of financing lines for local financial institutions to support small and medium-sized enterprises.