Mauritania secures $2 billion in debt from UAE to support ongoing investments

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Mauritania secures $2 billion in debt from UAE to support ongoing investments

The President of Mauritania, Mohammed Ould Ghazouani, who was sworn to take the office back in August 1st, 2019, had been in an official visit in to the United Arab Emirates, where he had been in a confidential meet with the Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al Nahyan over the weekend.

Besides, a day after Mauritanian President’s meet with the Abu Dhabi Crown Prince, UAE’s state-backed news agency, WAM, had stated earlier on Monday, the 3rd of February 2020, that the President of United Arab Emirates, Sheikh Khalifa bin Zayed al-Nahyan, had allotted a $2 billion to Mauritania in debts for continuing ongoing investment and development projects in the Islamic Republic of Mauritania, a country in Northwest Africa bordered by the Atlantic Ocean to the west.

If truth is to be told, the Islamic Republic of Mauritania, the eleventh-largest sovereign part in the African continent, had yet to grapple with the great financial depression of 2008-2009, when its economic growth was contracted to 1.1 per cent compared to a growth of 4.1 per cent in 2007.

Nonetheless, although the mining and agriculture dependent nation’s mining activities were surged to 30 per cent from in 2014 compared to a figure of 13 per cent in 2008, recent waves of droughts had hurt the African nation’s agricultural activities grievously and Mauritania, which has one of the highest growth rates in Africa, had faced off a contraction at its economic growth, while IMF had slashed the politically unstable nation’s growth rate to 6.3 per cent from an earlier 6.9 per cent.

Amid such baleful outlook on growth under a newly elected President, latest UAE aid of $2 billion in debts would likely to come as a fresh breather for the North-western African nation, suggested analysts.