Mauritania, KSA Sign Agreement Converting Saudi Deposit Into Concessional Loan

The Ministry of Finance hosted this Sunday afternoon the signing ceremony of an agreement between Mauritania and the Kingdom of Saudi Arabia (KSA) relating to the conversion of the Saudi deposit with the Central Bank of Mauritania into a concessional loan. The agreement was signed on the Mauritanian side by the Minister of Finance, Mr. Isselmou Ould Mohamed M’Bady, and the Deputy Governor of the Central Bank of Mauritania, Mr. Boumediene Ould Taya, and on the Saudi side, by Dr. Riad Bin Mohamed el-Khariv, the Deputy Minister for International Relations/Ministry of Finance. The deposit converted by this agreement into a concessional loan amounts to 300 million dollars. Saudi Arabia had placed this amount in 2015 on deposit with the Central Bank of Mauritania to support the national currency and the balance of payments. Such a deposit has enabled our country to limit the negative repercussions of the deterioration in the prices of extractive mines, which constitute our most important exports. On this occasion, the Minister of Finance praised the excellent level of the Mauritanian-Saudi relations, saying they have developed and consolidated thanks to the high directives of the leaders of the two brotherly countries. He pointed out that the Kingdom of Saudi Arabia had generously and effectively accompanied Mauritania’s development process over the past decades by financing many vital projects, particularly in the public sectors such as water, energy, education, health, and roads. It also supported our country’s foreign exchange reserves, which had a positive and tangible impact on the living conditions of our fellow citizens. Mr. Ould Mohamed M’Bady noted that the loan would be repaid over 20 years, with a grace period of 8 years, and at an interest rate of 1%. He indicated that this loan would make it possible to mobilize more external resources to contribute to the financing of the programs and projects included in the commitments of His Excellency the President of the Republic, Mr. Mohamed Ould Cheikh El Ghazouani. As for the Saudi official, he said he was happy to sign on behalf of the Saudi Ministry of Finance with the Mauritanian sisterly party an agreement to convert the deposit of the Kingdom of Saudi Arabia with the Central Bank of Mauritania into a concessional loan. He added that this agreement was signed pursuant to the generous directives of the Custodian of the Holy Places and His Highness the Crown Prince, may Allah protect them.