UAE gives Mauritania $2 billion for development

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Mauritania's ruling party candidate Mohamed Ould Ghazouani has won the presidential election with 52 percent of the vote, the electoral commission announced on June 23, 2019, with results from all polling stations counted. (AFP)
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A man walks in front of the Saudi Mosque in central Nouakchott, February 2, 2008. (Reuters)
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Updated 03 February 2020

UAE gives Mauritania $2 billion for development

  • Mohamed Ould Ghazouani visited the Emirati capital of Abu Dhabi
  • WAM said the pledge includes funding for “investment and development projects, as well as a soft loan.”

DUBAI: The United Arab Emirates pledged Sunday to give $2 billion in aid to the Western African country of Mauritania, amid a visit to the Arabian Peninsula nation by Mauritania’s president.
Mohamed Ould Ghazouani visited the Emirati capital of Abu Dhabi and met with its crown prince, Sheikh Mohammed bin Zayed Al Nahyan.
The state-run WAM news agency announced the pledge, describing it as including funding for “investment and development projects, as well as a soft loan.”
Mauritania, a moderate Islamic republic, has suffered five coups since independence from France in 1960. It has been led by military rulers for much of that time.
Ghazouani took the oath of office in August after winning a presidential election last year. That marked the West African nation’s first peaceful transfer of power.


Abu Dhabi fund suspends debt service repayments for countries, companies

Updated 12 July 2020

Abu Dhabi fund suspends debt service repayments for countries, companies

  • Debt service repayments would be suspended for eligible countries and individual companies from Jan. 1 until Dec. 31

DUBAI: Abu Dhabi Fund for Development has suspended debt service repayments for some countries and companies for the year, the state-financed fund said on Sunday.
The fund provides financial assistance to companies in the United Arab Emirates and to developing countries, which has included Pakistan, Egypt, Sudan and Ethiopia.
Debt service repayments would be suspended for eligible countries and individual companies from Jan. 1 until Dec. 31, the fund said in a statement.
It did not say which countries or companies would benefit or what the criteria would need to be met to be eligible.
“At a time when the world is reeling under the effect of the pandemic ... it is imperative for us to support particularly those that need it most, especially the low-income countries,” the fund’s director general Mohammed Saif Al-Suwaidi said.