AfDB: $175m mining loan will benefit key sectors in Mauritania
18 September 2009
A $175 million (£107 million) mining loan will contribute to both improving both infrastructure development and the business environment in Mauritania, the African Development Bank (AfDB) has said.
Receiving the funds is Mauritania's National Industrial and Mining Company (SNIM) - the largest enterprise in Mauritania and one in which the government holds 78 per cent equity.
The taxes and dividends resulting from the project are expected to aid in "strengthening economic and financial governance".
According to the AfDB, the project should bear several-tier advantages for the nation's economy, environment and population.
"SNIM will create direct and indirect jobs and generate significant income for the Mauritanian government which will enable the country to pursue its growth in other key sectors."
Priority areas include building, infrastructure, industry and housing, according to the organisation.
Other recent AfDB financing activity has included a $20 million loan towards water sanitation projects in the Democratic Republic of Congo and is expected to improve the lives of 100,000 people.