Press Release

OPEC Fund extends loan to construct cement plant in Mauritania

22/2006 March 21, 2006, Vienna, Austria
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An agreement for a €4 million loan has been signed between the OPEC Fund for International Development and BSA Ciment S.A. of Mauritania. The loan will be used to construct a cement plant near the capital Nouakchott.

Cement consumption in Mauritania has been growing steadily, a trend that is expected to continue in order to meet the country’s housing demands and increased commercial activity. The project will construct a clinker grinding facility capable of producing 480,000 tons of Portland cement per year, along with a ready-mix concrete unit capable of turning out 216,000 m³ annually. Having a larger domestic production base will improve cement availability, help enhance competition and boost the activity of the construction sector.

The loan represents the fourth private sector operation approved for Mauritania. In addition, the OPEC Fund has extended financing in support of 26 public sector operations in the country. These include financing for commodity imports programs and balance of payments support, as well as projects across a wide variety of sectors. Mauritania has also received debt relief from the Fund under the Heavily Indebted Poor Countries (HIPC) Initiative, and is one of 35 countries to benefit from a grant to cover its subscription to the Common Fund for Commodities. An agreement for the encouragement and protection of investment has been in force between the Fund and the government of Mauritania since June 2000. 

Today’s signing ceremony took place in Vienna. The agreement was signed on behalf of BSA Ciment S.A. by Mr. Mohamed H. Bouamatou, Chairman and Managing Director, and by HE Mr. Jamal Nasser Lootah, Chairman of the Governing Board of the OPEC Fund .