China loans Mauritania $87m for port construction

China has extended Mauritania a $87 million loan to be used for the construction of a fishing harbor expected to generate 800 permanent jobs and handle around 400,000 tons of merchandise yearly.

Minister of Finance and Industry Cheikh El Kebir Moulaye Taher told lawmakers Tuesday that the future port will be located 25 km north of capital Nouakchott.

The infrastructure will serve multi-purposes but will basically handle fishing activities.

Mauritania’s coastal territories are awash with fish. The fishing industry, though still rudimentary, employs 226,000 people and contributes up to 14 per cent of the national budget.

The loan is provided by China’s import-export bank at a 2 pc interest rate and is repayable over 20 years.