| Project Detail |
A loan agreement, for KD 9 million was signed on 02 April 2013 to help finance the Al Ne’ma - Mali Border Road Project in The Islamic Republic of Mauritania.
The loan agreement was signed by H.E. Dr. Sidi Ould Bbha Ould Tah, Minister of Economic Affairs and Development, on behalf of the Government of The Islamic Republic of Mauritania. H.E. Mr. Abdlatif Yousef Al Hamad, Director General/Chairman of the Board of Directors of the Arab Fund, signed both agreements on behalf of the Fund.
The project aims at contributing to the development of road transport services on the main road network in the country, ensuring the safety of traffic on the network, and enhancing trade exchange between the different regions of the country, and between Mauritania and its neighbors. This will be accomplished through the completion of the road link from the city of Al Ne’ma to the Mali border. The project will also contribute to the growth and development of areas adjacent to the road, and the lifting of their isolation and the improvement of basic services to residents.
The loan will carry interest at 2.5% per annum and will be repayable over 25 years with a 7 year grace period.
The Ministry of Equipment and Transport will be the beneficiary of the loan, and will be responsible for implementing the project, which is expected to enter into service in the fourth quarter of 2016.
With the signing of this loan, the Arab Funds total contribution to financing projects in the Islamic Republic of Mauritania now amounts to KD 400.70 million.
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