ACG pledges $2bln in development funding for Mauritania
Arab Coordination Group (ACG), an alliance comprising ten development funds from Arab world, has pledged $2 billion in development funding for Mauritania in Northwest Africa.
The pledge was made at a high-level roundtable held in Vienna, Austria, chaired by the President of Mauritania, Mohamed Ould Cheikh El Ghazouani, and hosted by the OPEC Fund for International Development, according to a press statement issued by the Islamic Development Bank (IsDB).
Speaking on behalf of the Arab Coordination Group, the President of IsDB Muhammed Al Jasser, said the funding will be directed to vital priority sectors, including energy, water, transportation and digital infrastructure over a five year period from 2025 to 2030.
The portfolio of projects presented by the Mauritanian government at the round table included 'an initiative to hybridise thermal power plants and enhance existing hybrid facilities with advanced energy storage solutions'; strategic water infrastructure projects at Taraf Al-Mahroud and Karakoro Basin and rehabilitation of the Nouakchott–Nouadhibou and Rosso–Boghé corridors.
Last year, the ACG extended $19.6 billion collectively to fund nearly 650 operations in more than 90 countries.
The Group comprises Abu Dhabi Fund for Development, the Arab Bank for Economic Development in Africa, the Arab Fund for Economic and Social Development, the Arab Gulf Programme for Development, the Arab Monetary Fund, the Islamic Development Bank, the Kuwait Fund for Arab Economic Development, the OPEC Fund for International Development, the Qatar Fund for Development and the Saudi Fund for Development.
(Writing by SA Kader; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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