Saudi Fund, Mauritania ink $40m loan deal

The Saudi Fund for Development, SFD, provided Monday December 18 Mauritania with a soft credit line of $40 million earmarked for the construction and equipment of two educational institutes that are specialized in key sectors of the economy.

The deal was signed by SFD CEO Sultan Al-Marshad and Mauritania’s Minister of Economy and Sustainable Development, Abdessalam Ould Mohamed Saleh.

One of the institutes will teach Business administration, and will be located in the city of Kiffa while the second will host educational Sciences, and will be built in the city of Tidjikja.

Both Institutes, SFD argues, will contribute to help Mauritania achieve its developmental goals by increasing the capacity for higher education across the country.

The signing took place following the inauguration on Sunday December 17 of a SFD-funded Medical center in the city of Atar.

The Atar Medical Center is a 150-bed facility. It aims at significantly improving basic healthcare services for the people. The Center, spanning over 9,000 square meters, will host renovated buildings and departments, and will come equipped with the latest medical technology and equipment, providing the population with enhanced access to quality healthcare.

SFD has supported 53 projects in Mauritania, through soft development loans and grants totaling more than $800 million.