The government of Mauritania has secured a $1 billion trade finance agreement with the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group, to strengthen energy security and expand access to financing for local businesses, as reported by Africa.com.
The five-year framework agreement covering 2026–2030 will mobilise funding and technical support for priority sectors of the Mauritanian economy. A major component of the facility will finance imports of energy commodities, helping the country secure fuel supplies needed to power industries and households.
The partnership will also expand trade finance access for local banks, enabling them to issue and confirm letters of credit that support international trade transactions. Officials say this will strengthen the financial sector while allowing businesses to participate more actively in global markets.
A key focus of the initiative is support for small and medium-sized enterprises, with improved financing expected to help entrepreneurs and manufacturers scale operations and increase exports. Mauritania’s Minister of Economic Affairs and Development said the agreement aligns with the country’s broader strategy to diversify the economy and stimulate private-sector growth.
Image Credit: africa.businessinsider.com
