Mauritania, IDB Sign Two Financing Agreements
On March 9 in Jeddah, Mr. Abdallahi Ould Souleymane Ould Cheikh Sidiya, Minister of Economic Affairs and Development, signed two strategic financing agreements with the Islamic Development Bank (IDB), totaling €116.6 million, dedicated to strengthening health infrastructure and developing regional electricity interconnection.
The first agreement, worth €61.4 million, covers the financing of the construction and equipping of an integrated referral hospital for maternal, neonatal, and child health in Nouakchott.
This project represents a qualitative leap forward in the national healthcare system, aiming to reduce maternal and infant mortality rates by providing specialized medical care that meets international standards. This initiative gives funding a direct human and developmental dimension, thereby affecting citizens’ lives.
The second agreement, worth €55.2 million, is allocated to the project to interconnect the electricity grid between Mauritania and Mali, including the construction of solar power plants connected to the grid.
This project is a strategic pillar for supporting regional economic integration and ensuring energy supply from clean and renewable sources, in line with national energy transition and production cost reduction policies.
In a speech delivered on this occasion, the minister emphasized that “the signing of these agreements marks a new stage in the fruitful cooperation that has continued since Mauritania joined the Bank as a founding member in 1974.”
He said that “this initiative is central to the vision and high-level directives of His Excellency Mr. Mohamed Ould Cheikh El Ghazouani, the President of the Republic, aimed at accelerating the pace of economic and social development and improving the quality of essential services provided to citizens, which the government of Prime Minister Moctar Ould Djay is working to implement.”
The signing ceremony was preceded by a high-level meeting held by the minister with the Bank’s Vice President for Operations, in the presence of members of the delegation accompanying the minister, including Mr. Mohamed Lemine Ould Dhehbi, Governor of the Central Bank of Mauritania, and H.E. Mr. Mokhtar Ould Dahi, Mauritanian Ambassador to the Kingdom of Saudi Arabia.
The meeting focused on discussing the portfolio of major projects currently underway, with a focus on partnership prospects for the periods (2024-2026) and (2026-2030).
These discussions also focused on ways to develop Islamic finance and support local bank branches, as well as stimulate public-private partnership (PPP) projects.