Mauritania borrows €50 million for the Senegal River Basin
By the AFREEQUE newsroom, based on SeneNews
Mauritania’s National Assembly has approved a €50 million loan from the Spanish Institute of Public Credit to fund a resilience and community development project in the Senegal River Basin. Repayment is scheduled over 30 years, after a five-year grace period, according to Sahara Media.
Mauritania’s National Assembly approved on Tuesday a €50 million loan agreement from the Spanish Institute of Public Credit, Sahara Media reports. The funding will support the Senegal River Basin resilience and community development project.
The loan is repayable over 30 years, with a five-year grace period and an interest rate of 1.42%. According to Mauritania’s finance minister, who is also acting minister for economic affairs, the project aims to improve access to infrastructure and services in targeted border areas and strengthen their ability to adapt to climate change.
The programme also provides for investment to support the resilience and integration of local communities. Mauritanian authorities expect it to strengthen social cohesion, improve connectivity and stimulate economic activity in areas along the Senegal River.
The approval follows the death of Hassan Seck, mayor of M’Bagne, announced on 27 October. Mauritania’s parliament had also been urged to ensure its MPs attended regularly, in a call by the institution’s president published on 1 October.
