Drinking Water and Development of Oases in Rural Areas (Supplementary Loan)
A loan agreement for KD 3 Million was signed in the State of Kuwait on the 25th of April 2019 to help finance Drinking Water and Development of Oases in Rural Areas (Supplementary Loan).
The loan agreement was signed by H.E. Al Mokhtar Ould Ajay, Minister of Finance and Economics, on behalf of the Government of the Islamic Republic of Mauritania, and by H.E. Mr. Abdlatif Yousef Al-Hamad, Director General/ Chairman of the Board of Directors, on behalf of the Arab Fund.
The project, which expected to be completed by the end of 2020, aims at providing drinking water to the inhabitants of rural villagers in different parts of Mauritania, as well as improving their health and living conditions. The project also aims at developing groundwater sources and regulating surface water in oases for agricultural use, contributing to strengthening the efforts to fight poverty and unemployment, improving farmers' income, providing employment opportunities and maintaining the population in rural oases areas.
The project includes the following main components:
The loan will carry interest at 2.0% per annum and will be repayable over 31 years, including a 7 year grace period.
The Ministry of Economy and Finance will be the beneficiary of the loan, and will be responsible for implementing the project.
With the signing of the loan, the Arab Fundís total contribution to financing projects in the Islamic Republic of Mauritania now amounts to KD 663.70 Million.