Financial and Banking News

AID FLOWS

IBRD Lends Mauritania $20mn 

The World Bank has agreed to extend a loan worth $20mn to Mauritania's Societe Nationale Industrielle et Miniere (SNIM), according to an announcement issued on 19 December. The loan is to part finance SNIM's $92.2mn project to expand its iron ore mining operations. SNIM will provide $36.4mn for the project, while the rest of the funds are being provided by Arab and foreign aid institutions.