Rehabilitation of Boutilimit – Aleg Road
A loan Agreement for KD 14 Million was signed, in Nouakchott, on 21st of March 2019, to help finance the Rehabilitation of Boutilimit – Aleg Road in the Islamic Republic of Mauritania.
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 H.E. Mr. Abdlatif Yousef Al-Hamad, Director General/ Chairman of the Board of Directors of the Arab Fund, on behalf of the Fund.
The project aims at improving the link between the eastern and western parts of Mauritania, and developing transport services on the main road between the capital Nouakchott and the border with the Republic of Mali, which is known as Al-Amal Road, which the project constitutes one of its main sections. Additionally, the project is expected to contribute to the development of areas adjacent to the road, and the improvement of the social and economic condition of their inhabitants.
The project includes the following main components:
The loan will carry interest at 2% per annum and will be repayable over 30 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.
With the signing of this loan, the Arab Fund’s total contribution to financing projects in the Islamic Republic of Mauritania now amounts to KD 660.7 Million.