An economic development project in Mauritania will receive backing in the form of a $21 million loan from the Kuwait Fund for Arab Economic Development (KFAED), both parties said recently.
The is the 19th loan KFAED has given to Mauritania. Other grants and forms of assistance have financed feasibility studies and other projects.
The purpose of the Deposit and Development Fund Operations Project is to provide financing for small- and medium-size enterprises (SMEs) to help boost Mauritania's economic and social climate. The loan will be used to support the project with equipment and training.
The term of the loan is 27 years. It will be paid in 44 semi-annual installments and the agreement provides for a five-year grace period. The annual interest rate is 1.5 percent.
KFAED loans Mauritania $21 million for entrepreneurial project
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