OPEC Fund and Mauritania strengthen cooperation with US$120 million-partnership agreement

January 29, 2025: The OPEC Fund for International Development (OPEC Fund) and the Islamic Republic of Mauritania have signed a landmark Country Partnership Framework Agreement to cooperate on key development initiatives during the period 2025-2027, earmarking US$120 million in new development financing focusing on the country’s development priorities. The funding will finance critical projects that contribute to projects promoting renewable energy, clean water, food security, improved transport and clean cooking. In addition the OPEC Fund is pledging to provide up to US$500,000 in grants for capacity-building, project preparation and technical assistance.

OPEC Fund President Abdulhamid Alkhalifa said during a visit to the capital Nouakchott: 

“We are proud to help improve the lives of people and communities for a more resilient future. Our commitment to Mauritania is focused on bolstering key sectors of the economy. Technical assistance and strong project preparation are vital to mobilize additional development funding, enable public-private partnerships (PPPs) and attract private sector investment.” 

An OPEC Fund delegation led by President Alkhalifa is visiting Mauritania from January 30-31, 2025. The delegation met Mauritanian Prime Minister El Moctar Ould Djay, Minister of Economy and Finance Sid’Ahmed Ould Bouh and other government officials to discuss implementation of the Country Partnership Framework Agreement and explore opportunities for further cooperation. 

The OPEC Fund’s financing will support key projects that align with the country’s objectives of advancing clean energy, food security, water & sanitation while supporting sustainable and inclusive development and strengthening infrastructure for women and youth in particular. Joint initiatives also aim to strengthen Mauritania’s PPP regulatory framework and boost private sector investment. 

The Country Partnership Framework Agreement underscores the longstanding relationship between the OPEC Fund and Mauritania, with more than US$250 million in loans provided to the country for various infrastructure and development projects to date. 

About the OPEC Fund  

The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$29 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA+, Outlook Stable by S&P. Our vision is a world where sustainable development is a reality for all.