The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, has convened a $45 million murabaha financing agreement with the Islamic Republic of Mauritania, represented by the Ministry of Economy and Finance and the Mauritanian Electricity Company (SOMELEC), as an executing agency.
The purpose of the agreement comes within the financing plan of Mauritania’s electricity needs for supplying hospitals, medical centers and industrial units.
The agreement was signed at ITFC’s headquarters in Jeddah by Eng. Hani Salem Sonbol, CEO of ITFC, and Abass Silla of the Ministry of Economy and Finance, Mauritania, in the presence of Mohammed Salem Ahmed, general manager of SOMELEC, and representatives from both entities.
Sonbol has treasured the confidence of the Islamic government of Mauritania and SOMELEC that they bestowed on the corporation, as well as a supporter of the industrial sector, which is deemed strategic in Mauritania. Sonbol added that the agreement reflects ITFC’s mandate in supporting member countries’ strategic sectors, and its understating to the importance of financing the industrial sector as being a positive impact on the government’s economy.
At the signing ceremony, Silla said: “The ITFC contributed to the sustainability of the general electricity services in Mauritania, and the continuity of this financing will enable the electricity company to enhance its investment program, which targets exporting electrical energy throughout the country.”
The agreement comes within the public authority’s plan for correcting the company’s status, and providing it with the petroleum derivatives necessary for power station operations to supply 44 cities with electricity in Mauritania.
The approved total financing amount reached $120 million in the interest of the Mauritanian Electricity Company.
The purpose of the agreement comes within the financing plan of Mauritania’s electricity needs for supplying hospitals, medical centers and industrial units.
The agreement was signed at ITFC’s headquarters in Jeddah by Eng. Hani Salem Sonbol, CEO of ITFC, and Abass Silla of the Ministry of Economy and Finance, Mauritania, in the presence of Mohammed Salem Ahmed, general manager of SOMELEC, and representatives from both entities.
Sonbol has treasured the confidence of the Islamic government of Mauritania and SOMELEC that they bestowed on the corporation, as well as a supporter of the industrial sector, which is deemed strategic in Mauritania. Sonbol added that the agreement reflects ITFC’s mandate in supporting member countries’ strategic sectors, and its understating to the importance of financing the industrial sector as being a positive impact on the government’s economy.
At the signing ceremony, Silla said: “The ITFC contributed to the sustainability of the general electricity services in Mauritania, and the continuity of this financing will enable the electricity company to enhance its investment program, which targets exporting electrical energy throughout the country.”
The agreement comes within the public authority’s plan for correcting the company’s status, and providing it with the petroleum derivatives necessary for power station operations to supply 44 cities with electricity in Mauritania.
The approved total financing amount reached $120 million in the interest of the Mauritanian Electricity Company.
