Mauritania has taken a significant step toward strengthening its economy after signing a $1 billion five-year framework agreement with the International Islamic Trade Finance Corporation (ITFC). The agreement, covering 2026–2030, aims to expand trade capacity, strengthen key sectors, and support long-term economic development.
The deal was signed during an official visit by Mauritania’s Minister of Economic Affairs and Development, Abdallah O. Souleymane O. Cheikh-Sidia, to the headquarters of the Islamic Development Bank Group in Jeddah. The agreement was finalized with ITFC Chief Executive Officer Adeeb Yousuf Al Aama, alongside senior representatives from both institutions.
Under the framework, ITFC will mobilize financing and technical support for priority sectors of the Mauritanian economy. Energy security is a central focus, with financing expected to support the import of energy commodities needed to power industry and households. The agreement also expands trade finance access for local banks through confirmation lines for letters of credit, strengthening the country’s financial sector and enabling businesses to participate more actively in international trade.
A key pillar of the partnership is private sector growth. Small and medium-sized enterprises (SMEs) will gain improved access to trade finance, creating opportunities for entrepreneurs and local manufacturers to scale their operations. Technical assistance programs will also support agricultural productivity and improve trade facilitation, helping Mauritania unlock value across its economic sectors.
For Mauritania, the agreement represents more than funding—it reflects a strategic push to build a resilient and diversified economy. Minister Cheikh-Sidia noted that the partnership will mobilize critical financial resources aligned with the country’s national development priorities.
ITFC CEO Adeeb Al Aama said the agreement underscores the institution’s commitment to supporting member countries through trade-driven development, strengthening economic sectors while opening new avenues for investment.
Mauritania has been a longstanding partner of ITFC since 2008. Over the years, cumulative approvals exceeding $1.2 billion have supported energy imports, trade facilitation, and development initiatives across the country.
As Mauritania deepens partnerships that expand trade and strengthen local industries, agreements like this one highlight how targeted investment can accelerate economic progress across Africa.
