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Cote Dlvoire,Mauritania : AfDB Provides US $ 50 Million Loan to Mauritania's National Industrial and Mining Company (SNIM)

Publish Date : 24-Nov-2017

The Board of Directors of the African Development Bank (AfDB) Group has granted, on Wednesday, November 22, 2017, in Abidjan, Cte d'Ivoire, a loan of US $ 50 million to the National Industrial Company and Mauritania (SNIM) to allow the company to improve its competitiveness.

Granted on the private sector window of the ADB, the loan will finance the deepening and widening of an access channel of 25 km at the mineral port of Nouadhibou, the economic capital of the country.

One of the aims of the dredging of the channel is to enable SNIM to increase its iron exports through the reinforcement of port infrastructures, which will ultimately be able to accommodate vessels of up to to 230 000 tonnes against a current maximum of 150 000 tonnes.

In view of its objectives, this project is aligned with two of the ADB's five strategic priorities ( the High 5 ): "Industrializing Africa" by strengthening the integration of the Mauritanian mining sector into global and international value chains. "Integrate Africa" thanks to port infrastructures capable of supporting the growth of intra-African maritime traffic.

This dredging project is also part of the Mauritanian government's priority to further support the mining sector, which is strategic for the country's economy. SNIM is the second largest employer in the country, after the state, with nearly 6,400 employees and a contribution of about 6.1% to gross domestic product (GDP).

In addition to some US $ 380 million of expected long-term benefits in the country, channel dredging aims to make the national economy more resilient and less vulnerable to external shocks, including fluctuating iron prices.

"This project will further strengthen the contribution of the Mauritanian mining sector to the country's growth momentum," said Mohamed El Azizi, AfDB Director General for North Africa.

With a total cost of US $ 110 million, this project is also co-financed by the European Investment Bank (EIB) and SNIM, respectively for $ 55 million and $ 5 million.

The partnership between Mauritania and the African Development Bank Group has so far 77 operations, totaling US $ 790 million in commitments, of which 43% are ADB window loans, 55% are loans and grants from the African Development Bank. development (the concessionary window of the ADB Group) and 2% of loans and grants from the Nigeria Trust Fund.

Since 1972, the industrial and mining sectors have accounted for 40% of ADB approvals for Mauritania, followed by infrastructure (water, energy and transport) with 20%, social sectors (education , health) with 13.3%, the agricultural sector (11.4%) and finally the financial sector (4.3%).

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