UAE allocates $2bn for investment projects in Mauritania

The UAE announced, Sunday, that it has allocated $2 billion to Mauritania for the implementation of investment and development projects, and provided soft loans, according to the official Emirates News Agency (WAM).

The news agency stated that the initiative comes in implementation of the directives of the President of the Emirates, Khalifa bin Zayed, and the Crown Prince of Abu Dhabi, Mohammed bin Zayed.

On Saturday, the Mauritanian President, Mohamed Ould Ghazouani, started a visit to the Emirates, which e duration was not announced, and during which he will meet with several Emirati officials.

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Earlier on Monday, the two countries exchanged documents on several memoranda of understanding and joint agreements, including a memorandum of understanding on mutual visa exemption, and a memorandum of understanding for technical and military cooperation.

Last week, the Mauritanian Prime Minister, Ismail Ould Bedde Ould Cheikh Sidiya, said that his country’s economy “achieved good results last year, as the growth rate reached 6.9 per cent in 2019,” with a slow down at 6.3 per cent in 2020.

Mauritania is trying to boost growth rates above 7 per cent, after years of sharp decline, as has decided in 2018 to involve the private sector in government strategic projects.