Mauritania, ITFC Sign Framework Agreement To Support Development, Commercial Activity

On March 9 in Jeddah, Dr. Abdallahi Ould Souleymane Ould Cheikh Sidiya,  Minister of Economic Affairs and Development, signed a strategic framework agreement with the International Islamic Trade Finance Corporation (ITFC) worth US$1 billion.

The agreement covers a five-year period from 2026 to 2030 and aims to stimulate economic and social development in Mauritania through innovative financing solutions and trade capacity-building initiatives.

This partnership aims to mobilize financing for vital sectors, including energy, banking, and private sector development, while also providing credit facilities to support small and medium-sized enterprises.

The agreement also includes technical assistance programs dedicated to strengthening agricultural productivity and facilitating trade in strategic sectors, thereby enhancing the national economy’s competitiveness in global markets.

In his speech on this occasion, the minister emphasized that this step is part of the highly ambitious vision of His Excellency Mr. Mohamed Ould Cheikh El Ghazouani, President of the Republic, and the work program of Prime Minister El Mokhtar Ould Djay’s government, which aims to accelerate the pace of sustainable development.

He explained that the agreement would help mobilize significant financial resources to support our country’s development priorities and promote sustainable economic growth.

For his part, Engineer Adib Youssef Al-Aama, ITFC CEO, said that the agreement “reflects the institution’s ongoing commitment to supporting member countries by strengthening trade-based development and expanding investment opportunities in key sectors of the Mauritanian economy.”