The government of Mauritania has signed a framework agreement with the Islamic Corporation for the Development of the Private Sector (ICD) to mobilize USD 900 million in Sharia-compliant funds aimed at supporting strategic projects and strengthening the national private sector. The three-year partnership was formalized in Jeddah, Saudi Arabia, by Mauritania’s Minister of Economic Affairs and Development, Abdullah Ould Slimane Ould Sheikh Sidiya.
A key initiative under the agreement is the Atoumai mining and steel project in the Tiris Zemmour region. The project will develop an iron ore mine and processing facilities, construct two iron pelletizing plants in Nouadhibou, and build integrated infrastructure including power plants and water desalination facilities, all financed through the partnership.
The cooperation also involves the Central Bank of Mauritania, focusing on preparing the country for a sovereign credit rating and strengthening the national financial system. The agreement aims to enhance access to global financial markets, attract long-term investment, promote public-private partnerships, and provide financing lines through local financial institutions to support small and medium-sized enterprises.
