Saudi Arabia Converts $300M Deposit with Mauritania’s Central Bank Into Soft Loan

Gulf

April 18th, 6:27am

Asharq Al-Awsat

The Kingdom makes efforts to support the development and economies of Arab and Islamic states. Asharq Al-Awsat

Saudi Arabia has transferred its $300 million deposit with the Central Bank of Mauritania into a soft loan, as part of the Kingdom’s ongoing efforts in supporting the development and economies of Arab and Islamic states, the Saudi Press Agency reported on Sunday. It said the move came in implementation of directives by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and the Crown Prince. It was an extension of the Kingdom’s continuous support for the Mauritanian people and government to push economic growth forward and implement development projects in vital sectors, SPA said. 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, it added.

from Asharq AL-awsat https://english.aawsat.com/home/article/3597971/saudi-arabia-converts-300m-deposit-mauritania%E2%80%99s-central-bank-soft-loan