Saudi Arabia converts its $300 million deposit with the Central Bank of Mauritania into a soft loan

NOUAKCHOTT, Mauritania, April 18, 2022 /PRNewswire/ -- The Kingdom of Saudi Arabia, in implementation of directives by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and HRH the Crown Prince, has transferred its $300 million deposit with the Central Bank of Mauritania into a soft loan, as part of the Kingdom's ongoing efforts and leadership role in supporting the development and economy of Arab and Islamic states.

The move comes as an extension of the Kingdom's continuous support for the people and government of the Islamic Republic of Mauritania, to push the wheel of economic growth and implement development projects in vital sectors. 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.