São Paulo – The government of Mauritania has signed a framework agreement with the Islamic Corporation for the Development of the Private Sector (ICD) aimed at mobilizing USD 900 million in Sharia-compliant funds to support major strategic projects in the African Arab country and strengthen the capacities of the national private sector.
The three-year partnership was signed by Mauritania’s minister of Economic Affairs and Development, Abdullah Ould Slimane Ould Sheikh Sidiya, in Jeddah, Saudi Arabia, on Tuesday (10), the country’s state news agency AMI reported.
One of the initiatives covered by the agreement is the Atoumai mining and steel project, in the Tiris Zemmour region. The company will work through financing mechanisms to develop an iron ore mine and processing facilities, as well as the construction of two iron pelletizing plants in the city of Nouadhibou and integrated infrastructure including power plants and water desalination facilities.
The cooperation also includes the Central Bank of Mauritania, focusing on helping the country prepare for a sovereign credit rating and strengthening the national financial system, with the aim of accessing global financial markets and attracting long-term investment. The agreement will also cover the development of an environment for public-private partnerships (PPP) and the opening of financing lines for local financial institutions to support small and medium-sized enterprises.
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Translated by Guilherme Miranda
