Saudi Arabia converts $300 million deposit in Mauritania’s central bank to soft loan

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Saudi Arabia converted its $300 million deposit in Mauritania’s central bank 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, state news agency SPA reported on Sunday.

The conversion was implemented based on the directives of King Salman bin Abdulaziz and the Crown Prince Mohammed bin Salman.

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“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,” SPA said.

It added: “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.”

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