Moroccan stock exchange, Mauritania’s central bank team up to set up stock market in Nouakchott

Mauritania’s central bank has picked Casablanca stock exchange as a partner to help it set up the country’s first stock market in Nouakchott.

This breakthrough agreement is in line with the momentum ushered by King Mohammed VI and president Mohamed Ould El-Ghazouani in favor of promoting cooperation between the two countries.

The opening of Mauritania’s first bourse would help the country diversify its economy, integrate the international financial system and attract foreign investors, Casablanca stock exchange and the Mauritanian central bank said in a statement.

The Casablanca bourse, the second largest in Africa, will provide technical, operational, and strategic support, the statement said.

It will also help Mauritanian authorities develop an inclusive and efficient financial market, enhance local expertise through training and promote south-south cooperation.

The deal is reflective of win-win partnerships that have been signed between Morocco and Mauritania.

In recent years, leading Moroccan banks and firms launched investments in Mauritania, which has a positive growth outlook as it started to export gas recently.

Mineral-rich Mauritania also seeks to develop its exports and open up to financial markets to improve its investment climate.

It has chosen Morocco which has some of Africa’s most vibrant financial systems and international banks with branches across the continent.