Press Release

OPEC Fund supports fish processing facility in Mauritania

24/2006 March 21, 2006, Vienna, Austria
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An agreement for a US$4 million loan has been signed between the OPEC Fund for International Development and the Societe d’Elaboration des Produits Halieutiques S.A. (SEPH) of Mauritania. The loan will be used to expand operations of its fish processing factory located in the port town of Nouadhibou.

SEPH was established in 1998 for processing small pelagic fish, which are found in abundance in Mauritanian waters. Large numbers of these fish, however, are being harvested by large commercial vessels that process their catch on board and unload them at foreign ports, bringing less benefit to the Mauritanian economy. SEPH will use the Fund loan to upgrade its fish processing equipment, purchase two fishing boats and construct a landing jetty. The latter will allow vessels to unload their catch directly to the factory for handling, thus creating more revenue for the Mauritanian economy.

The OPEC Fund has approved four private sector operations for Mauritania. In addition, the Fund has extended financing in support of 26 public sector operations in the country. These include financing for commodity imports programs and balance of payments support, as well as projects across a wide variety of sectors. Mauritania has also received debt relief from the Fund under the Heavily Indebted Poor Countries (HIPC) Initiative, and is one of 35 countries to benefit from a grant to cover its subscription to the Common Fund for Commodities. An agreement for the encouragement and protection of investment has been in force between the Fund and the government of Mauritania since June 2000.

Today’s signing ceremony took place in Vienna. The agreement was signed on behalf of Societe d’Elaboration des Produits Halieutiques S.A. by Mr. Moulaye Abdel Aziz Boughourbal, General Manager, and by HE Mr. Jamal Nasser Lootah, Chairman of the Governing Board of the OPEC Fund.