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Wednesday, May 25, 2022

Saudi Arabia converts $300mln deposit with Mauritania's central bank to soft loan

Saudi Arabia converts $300mln deposit with Mauritania's central bank to soft loan

Saudi Arabia has transferred its $300 million deposit with the Central Bank of Mauritania into a soft loan, in implementation of directives by the Custodian of the Two Holy Mosques King Salman and the Crown Prince.
It comes as part of the Kingdom’s ongoing efforts and leadership role in supporting the development and economy of Arab and Islamic states.

The move comes as an extension of the Kingdom’s continuous support for the people and government of Mauritania, to push the wheel of economic growth and implement development projects in vital sectors.

The support aims to contribute to promoting inclusive and sustainable economic growth, in addition to opening new financing channels from regional and international financial organizations.
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