Mauritania secures $34m agric loan from Riyadh

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Photo from the webiste of the Arab Authority for Agricultural Investment and Development (AAAID).
APA | 1 December 2014

Mauritania secures $34m agric loan from Riyadh

Mauritania is the beneficiary of a $34 million loan from Saudi Arabia to shore up its farming sector, APA can report on Monday.

Mauritania’s Minister of Economic Affairs and Development, Sidi Ould Tah and Youssef Ben Ibrahim Al-Besam, the Vice President and Representative of the Saudi Development Fund signed the loan agreement.

The loan will be used to develop 3,500 hectares of land in the eastern basin of the Rkiz plain (300 km south of Nouakchott), develop another 2,200 hectares and rehabilitate 1,000 hectares in the western basin of the same plain.

It is also expected to generate thousands of jobs and improve the living conditions of the populations in the area.

Speaking at the signing ceremony, Al-Bessam disclosed that the Saudi Development Fund had funded 16 development projects in Mauritania for a total amount of $447 million during the past 40 years.

According to him, these projects cover crucial sectors, such as water, energy, roads, health and education.
Original source: APA
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