European Investment Bank (EIB) said on Wednesday that it will strengthen cooperation with the Islamic Republic of Mauritania to scale up wind, solar and green hydrogen investments in the African nation.

Mohammed Ould Ghazouani, President of Mauritania said the development of his country’s huge renewable energy potential can both enhance access to affordable energy and allow clean energy to be converted to green hydrogen.

“Closer cooperation with the European Investment Bank will allow Mauritania to benefit from the EIB’s unique technical experience and financial strength,” he said.

EIB’s President Werner Hoyer said his discussions with President El Ghazouani builds on 54 years of EIB engagement in the country.

“We are committed to bring this cooperation to the next level, by harnessing Mauritania’s renewable energy potential and through our partnership through the Sahel Alliance,” he said

Jutta Urpilainen, European Commissioner for International Partnerships, said: “With the joint declaration signed today at the European Development Days, Mauritania and the European Union are strengthening their cooperation to accelerate clean energy investment, drive renewable hydrogen innovation and address global energy turmoil. This demonstrates how the European Union’s Global Gateway, working in a Team Europe approach, can unlock investment to harness Africa’s renewable energy potential.”

President El Ghazouani and President Hoyer also discussed support for telecom, transport and industrial investment in Mauritania, with a special focus on national and regional electrical interconnection, and investment priorities across the Sahel and the EIB’s new dedicated development finance branch, EIB Global, launched in January this year.

Since 1965 the EIB has provided more than €16 billion for energy investment in more than 49 African countries, with €5.6 billion of energy financing provided over the last decade.

(Writing by SA Kader; Editing by Anoop Menon)