The Abu Dhabi Fund for Development (ADFD) has signed a loan agreement worth AED110m ($29.9m) with the Islamic Republic of Mauritania.
The loan will be used in financing a vital road located with Republic of Mali's boundaries.
The loan agreement was signed by Mohammed Saif Al Suwaidi, acting director general of ADFD, and Sedi Weld Babha Weld Altah, Minister of Economic Affairs and Development in Republic of Mauritania.
Al Suwaidi said: "This grant embodies the keenness of ADFD to play a vital role in supporting the development march, and this come in line with its strong approach in carrying out the sustainable development in developing countries to enable them to overcome the difficulties and challenges they faced, and to raise the living standards of their people."
He added: "The positive effects of this development project will be extended to include various economic sectors in the Republic of Mauritania, as the road will play an essential role in activating the economic movement and increase trade between Mauritania and neighboring countries."
Altah said: "The financial loan provided by ADFD will effectively contribute to support the efforts of Mauritanian's government to achieve a comprehensive development, as the constructing of the sophisticated network of road would help in activating the economic movement in Mauritania and neighbouring countries."
ADFD's involvement in Republic of Mauritania dates back to 1977. The Fund has since then offered loans totalling more than AED183.5m allocated for five developmental projects.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.