Mauritania: AfDB boosts new investment dynamics, a vector of recovery in times of crisis
Abidjan, Cote d'Ivoire (PANA) - The Board of Directors of the African Development Bank (AfDB) has approved a donation of nearly US3.6 million euros to Mauritania to finance its Economic Governance and Investment Management Support Project (PA2GI).
The main objectives of this new development are to improve the deployment of public investment, promote private investment and consolidate land and tax governance.
It is intended to support Mauritania's economic recovery efforts and strengthen its response to the effects of the Covid-19 pandemic.
According to the AfDB media channel, the grant will help facilitate the execution and monitoring of the project portfolio in the priority intervention sectors of the Presidential Priority Project (ProPEP).
"Giving new impetus to public and private investment in the current context of crisis is an absolute necessity to strengthen the resilience of the Mauritanian economy and promote its post-Covid19 recovery," said Mohamed El Azizi, Chief Executive Officer of the Bank's African Development Agency for North Africa.
"This will improve the business climate, generate new opportunities for the private sector and create quality jobs," he said.
The primary objective of the project is to support public and semi-public agencies and structures responsible for promoting private investments.
AfDB said the monitoring of public investments will be reinforced by various ad hoc mechanisms. And as part of an integrated approach, the project will support the reform of the public procurement code. It will also help consolidate the means of transactional justice by providing companies with experts in mediation and arbitration.
The bank said the second component of the project is to support land and tax governance, to improve the legal security of economic operators and individuals by issuing a greater number of land titles, thanks to support to the General Directorate of State Estates and Heritage.
Tax governance will also be strengthened through support for improving the information systems of the General Tax Directorate.
"It is, by definition, a multidimensional project. By optimizing the operation of the investment chain, we are promoting the deployment of a new generation of even more efficient public and private projects, which create more value and further strengthen the attractiveness of Mauritania, said Malinne Blomberg, Deputy Managing Director of the African Development Bank for North Africa and Country Manager for Mauritania.
"Our action will open the field of possibilities for the Mauritanian private sector and consequently improve the living conditions of the populations."
Mauritania and the AfDB have been partners for more than half a century. Different strategic sectors are involved, including agriculture, governance, water and sanitation, mining, private sector, transport and social development.
-0- PANA VAO 21May2021
