Tuesday 24 April 2018

Afreximbank pledges $1.5bn for Mauritania projects

Afreximbank pledges $1.5bn for Mauritania projects
(AFP (eng) 02/20/18)
Afreximbank president Benedict Okey Oramah

The African Export-Import Bank said it will invest up to $1.5 billion (1.2 billion euros) in fishing, mining and financial projects in Mauritania, as the mineral-rich north African desert nation seeks to diversify its economy.

Afreximbank, based in Cairo, was set up by African countries in 1993 to promote and finance trade within the African continent and trade between Africa and other continents.

Speaking to reporters on a visit to Nouakchott late Monday, Afreximbank president Benedict Okey Oramah said that the money was being earmarked for infrastructure projects and the private sector and banks in particular.

Mauritania has seen economic growth pick up in recent years, with rural development helping to reduce poverty, according to the World Bank.

Around $1 billion would be spent on fishing ports, energy infrastructure, industrial parks and the processing of different raw materials, Oramah said.

Another $500 million would be set aside as credit lines for Mauritanian commercial banks, he added.

Afreximbank already provided credit lines of $400 million to Mauritanian banks during the 1990s, Oramah said.

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