The International Finance Corporation (IFC) is set to expand its funding in green energy projects and the agriculture sector in Mauritania while boosting private sector participation in economic growth and job creation, Makhtar Diop, IFC’s Managing Director has confirmed.
Speaking during an official IFC visit to Mauritania, where the Director met with H.E President Mohamed Ould Cheikh El Ghazouani, and Minister of Economic Affairs, H.E Ousmane Mamoudou Kane, Diop highlighted the IFC’s commitment to increase its activities in Mauritania by promoting gender inclusivity in the private sector while supporting growth in the financial sector, small-and medium enterprises and in infrastructure development.
Commenting on the role the private sector will play in enhancing Mauritania’s gross domestic product growth (GDP) through improved support of critical sectors such as the burgeoning energy industry, Diop stated that “A stronger private sector that aligns with the country’s economic diversification strategy will help Mauritania achieve a resilient post-pandemic recovery and future sustainable development,” adding that the IFC will support growth in Mauritania and is seeking new investments in the country, including in agribusiness and green energy. “The IFC is also ready to do more to help strengthen Mauritania’s human capital, and to promote economic governance to foster a more inclusive, diversified, and resilient economy.”
The development comes at a time Mauritania has recorded a 4% increase in economic growth in 2022 and is headed towards a 5.1% increase in 2023 on the back of the country’s expanding oil, gas and renewable energy sectors.
To support Mauritania’s GDP expansion, the IFC has over the past three years provided nearly $1 billion in financial aid in the energy, mining, agribusiness and finance sectors.