Saudi, Mauritania sign 3 finance deals

The president of the Saudi developmental fund on a two days visit to Mauritania signed with minister of development and economic affairs Sidi Ould Tah three finance agreements between Mauritania and the Saudi developmental fund Wednesday in Nouakchott, amounting to 19 billion Saudi riyals. The first agreement was a facilitated loan allocated for developing an electricity grid inside the country through financing the continued construction of a high voltage line between Nouakchott and Nouadhibou, 47 km north of the capital. The second agreement was dedicated to financing and constructing the faculty for economic and legal sciences in Nouakchott University within the new university project, while the third agreement allocated for constructing a number of schools in seven states in the nation. The Mauritanian minister of development and economic affairs praised Saudi developmental efforts and its support as a symbol for common political administration between leaders of both countries. The loans may also be directed towards developing health, education, agriculture and infrastructure sectors. The vice-president of the Saudi fund said the agreements would help achieve further economic and social developments, improving the lives of citizens in Mauritania. The Saudi developmental fund was established in September 1974, and started working in March 1975. It finances developmental projects in developing countries through offering loans, supporting non-petroleum Saudi exports and guaranteeing them. The fund started working with 10 billion SR offered by the Saudi government, and was increased in three stages to become 31 billion SR.