Posted by: Devdiscourse
The EIB and ADB provide financial support to SNIM a total of 109 million. This funding is intended to deepening and widening of the access channel of ore port of Nouadhibou. For this support to the National Industrial and Mining Company (SNIM), the second largest employer in Mauritania, the EIB and ADB contribute to securing the economy and growth in the Sahel region.
The European Investment Bank (EIB), which is the bank of the European Union and the African Development Bank (AfDB) respectively entered into a financing 59 million and 50 million, year-over-year with the national industrial and mining Company (SNIM), the first mining operator in Mauritania.
This funding is intended for ore port dredging project of SNIM to strengthen the capacity of its port facilities in Nouadhibou, the economic capital of Mauritania, north-west coast of Mauritania on the Atlantic.
This is a major funding for a project with high social and economic impact, with the creation of 94 full-time jobs during the construction phase and 230 indirect jobs. The Foundation SNIM also benefit from this funding for its social activities in Mauritania.
The ore port of Nouadhibou, the draft does not currently accommodate ships of more than 150 000 tons, is the marine terminal from which SNIM exports its production of iron ore, and it holds, in fact, a key place in the Mauritanian economy. Ships dock at the current terminal only 6% of the world fleet of bulk carriers with limited availability greatly increases costs.
The project supported by the EIB and ADB includes the deepening and widening of 25 kilometres from the ore terminal’s access channel SNIM with a draft to accommodate ships of 230 000 tonnes. Ultimately, the realization of this work will allow SNIM to increase the efficiency of its transport chain, improve profitability, competitiveness and resilience in the international market against fluctuations in world prices for iron ore.
“This is a major financial and strategic for the development of the mineral port of Nouadhibou. This extension project of the port facilities will have a strong social and economic impact for Mauritanians, with the creation of jobs, “said Ambroise Fayolle, Vice-President of the EIB, adding,” Supporting the development of appropriate infrastructure, efficient and competitive is at the heart of our work in Africa, and in full accordance with the objectives of the Cotonou agreement and the United Nations development goals.”
This project, fully in line with both the priorities of the African Development Bank, Africa industrialize and improve the quality of life of Africans, received the support of the first African financial institution. This support of the African Development Bank will wrap with the EIB financing plan, but also to strengthen the financial resources of the Foundation SNIM for social projects: access to water, energy and health infrastructures.
Abdu Mukhtar, Director of the Industry Department and the mines of the African Development Bank, said: “Mauritania has great potential to become a major player in global ore production. The channel of work will enable SNIM to accommodate larger vessels and thereby increase its exports to the European and Asian markets. The African Development Bank supports the industrialization of Africa. The loan company for SNIM is in line with the efforts of our bank to promote good management of sustainable natural resources, the growth of the African industrial champion what SNIM and development of its infrastructure. ”
“The ore port dredging project is an important project for SNIM. It will make better use of port facilities due to ship loading 230 000 tons, “said Mohamed Salem Ould Bechir, Administrator General Manager of SNIM. “This project, which is part of the strategy of gradual increase SNIM production capacity, also aims to improve the competitiveness of our products by reducing production costs and increasing the productivity of facilities. Its impact on costs will be important, especially since much of the additional volumes should be aimed at markets where the freight cost is high,” he said.