Mauritania Says U.A.E. to Invest $2 Billion—One-Third of Its GDP

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(Bloomberg) -- Mauritania’s government said the United Arab Emirates has made $2 billion available in investment, development projects and soft loans, a sum that equals roughly a third of its gross domestic product.

The announcement came after President Mohamed Ould Ghazouani met Abu Dhabi Crown Prince Mohammed Bin Zayed Al Nahyan, marking his first state visit to an Arabic country since assuming office in June 2019.

“This generous support will contribute to create economic and social growth and increase living standards,” according to a statement. No further details were provided.

While the arid West African nation with a population of about 4 million people is among the region’s poorest, it’s expected to become a natural-gas exporter following large offshore discoveries by major oil and gas explorers last year.

©2020 Bloomberg L.P.

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