On Monday, Mauritania was admitted to the African Guarantee and Economic Cooperation Fund (FAGACE).
The agreement was signed by Sidi Ahmed Ould Rayes, Minister Delegate to the Mauritanian Prime Minister for the Economy and Finance, in charge of the Budget, and, for Fagace, by Ngenang Joseph Désiré representing the Chairman of the Fund’s Board of Governors.
“Through our membership of this Fund, we seek to encourage African financing institutions to come and invest in Mauritania”, declared the Minister of Economy and Finance, in charge of the Budget, Sid-Ahmed Ould Rayes.
Like the other member states, Mauritania will benefit from FAGACE’s financial support in the form of guarantees for medium- and long-term loans to finance or refinance productive investments, promote trade or local production, and reconfirm documentary letters of credit in favor of banks under the International Trade Support Facility (FACI). FAGACE will also provide public and private sector financing for its 13 member states.
Member countries: Mauritania
