Aug. 23 (Bloomberg) -- The Saudi Fund for Development gave Mauritania loans worth 206 million riyals ($55 million) to finance projects in energy and education, state-owned Horizons newspaper reported.
A loan of 93.8 million riyals will be used for a high-voltage electricity line from Nouakchott, the capital, to Nouadhibou, 470 kilometers (292 miles) north, the newspaper reported. The second loan will be used for the University of Nouakchott, according to Horizons. The fund also gave Mauritania a grant for building primary schools, it reported.
The agreements were signed yesterday by Sidi Ould Tah, Mauritania’s minister of economic affairs and development, and Yousef Ibrahim Al-Bassam, managing director of the fund, Horizons reported.
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