Minister of Economic Affairs: “Mauritania Is Working To Join the Asian Infrastructure Investment Bank”
On 7 June, in the newsroom of the Mauritanian news agency, members of the government commented on the results of the weekly cabinet meeting, which took place early in the morning. They are Mr. Nany Ould Chrougha, the Minister of Equipment and Transport, government spokesperson, Mr. Ousmane Mamoudou Kane, the Minister of Economic Affairs and Promotion of Productive Sectors and Mr. Sid Ahmed Ould Mohamed, the Minister of Housing, Town Planning, and Regional Development.
In his introductory remarks, the government spokesperson indicated that the council examined and adopted several draft laws, decrees, and communications, including approval of the financing agreement signed between Mauritania and the Abu Dhabi for Development. This agreement is intended for the partial financing of the water supply project for the localities between Gouraye and Kiffa.
Speaking on the occsion, Mr. Ousmane Mamoudou Kane, the Minister of Economic Affairs and Promotion of Productive Sectors, indicated that the contribution of the Abu Dhabi Fund amounts to 30 million dollars, or MRO 10 billion. The project consists of draining water from the river to Kiffa, passing through several localities.
The Minister recalled that the financing plan provides, in addition to Mauritania, the participation of six Arab and Islamic financial institutions, five of which have already signed agreements approved by their boards of directors. He said that the funding is almost complete.
He also presented a communication on Mauritania’s accession process to the Asian Infrastructure Investment Bank (AIIB), created in 2015 in China. “Membership of this bank, whose capital is 100 billion dollars, is open to all member countries of the World Bank,” as he put it.
Currently, the AIIB has a portfolio of more than 200 projects for a financing volume of 47 billion dollars, as he added. He noted that African countries had started to benefit from it, and in turn, Mauritania intends to join it, as he revealed.
Regarding the process, Mr. Kane recalled that the principle of joining this bank was approved by the board of governors of the bank last December, stressing that a step has been taken today, and that the Action will continue to complete the country’s membership of this financial institution. The Minister noted that it is not a question of providing concessional financing because the country’s status has evolved due to the good management of the debt portfolio.