SovereignWealthFunds.comNational Fund for Hydrocarbon Revenues (Mauritania)
Mauritania: what it invests in
Geography Global
Mauritania: how big it is, and on what basis
In US dollars: about USD 0.215B. Reported in US dollars; account balance per the central bank statement.
Mauritania: what it publishes
Published 5 · Partly 3 · Not published 2
Our 10 item score. It measures what is public, not how well a fund is run.
At a glance. The FNRH is Mauritania's hydrocarbon revenue fund, created in 2006 to collect oil and gas receipts, steady the budget and save for future generations. The central bank manages it and places the money in US dollar term deposits with banks. It held USD 214.5 million at the end of 2025, the year the GTA gas project delivered its first revenue. S1
Key points
- Balance of USD 214.5 million at 31 December 2025, up 1.69 percent on 2024 after a USD 50 million withdrawal. S1
- Receipts of USD 53.6 million in 2025, up 188 percent on the year before. S1
- Gas sales were 46.9 percent of 2025 receipts after GTA production began in May 2025. S1
- Money sits in US dollar term deposits with banks in Kuwait, France and the UAE and with the Arab Monetary Fund. S1
- Deposit rates of 3.585 to 4.775 percent in 2025 beat the 3-month USD benchmark, per the report. S1
- An annual report is required by Law 2008-020 on extractive industry transparency. S1
Interesting facts
Mandate and goals
The fund centralises public hydrocarbon revenue, stabilises fiscal policy and builds savings for future generations. Withdrawals follow the Finance Law, with regard to the budget deficit and priority spending such as poverty reduction. S1
How it invests
| Industries | Financial services. Sector agnostic S1 |
|---|---|
| Asset classes | Cash and money markets S1 |
| Stages | Credit S1 |
| Geography | Global. Deposits with banks in Kuwait, France and the UAE and with the Arab Monetary Fund S1 |
| Direct / through funds / co-invest | Yes / No / No S1 |
| Managed in house | 100 percent S1 |
| Ticket size | Not applicable; the fund holds bank deposits only. S1 |
| External managers | None S1 |
| Co-investment programme | None S1 |
Asset mix: Term deposits 100.0% (as of 2026-03-01) S1
Past investments
| Year | Investment | Type | Sector | Stage | Amount |
|---|---|---|---|---|---|
| 2025 | Term deposits with National Bank of Kuwait. Largest deposit counterparty, 62.3 percent of 2025 interest. S1 | Direct investment | Financial services | Credit | USD 9.18M interest |
| 2025 | Term deposits with UBAF Paris. Second largest counterparty, 27.9 percent of 2025 interest. S1 | Direct investment | Multi-sector | Credit | USD 4.11M interest |
| 2025 | Term deposits with First Abu Dhabi Bank. Gulf bank deposits, 4.6 percent of 2025 interest. S1 | Direct investment | Financial services | Credit | USD 0.68M interest |
| 2025 | Deposits with the Arab Monetary Fund. Regional multilateral counterparty, 3.4 percent of 2025 interest. S1 | Direct investment | Multi-sector | Credit | USD 0.50M interest |
| 2025 | Levelling transfer to the Treasury. Withdrawal on 9 September 2025 under the Finance Law, the first since 2022. S1 | State asset transfer | Financial services | Not stated | USD 50M |
Case studies
First gas revenue from Grand Tortue Ahmeyim S1
- What: GTA began production and BP Gas Marketing and Vitol paid the first gas sale proceeds into the fund from May 2025.
- When: May 2025
- Size: USD 25.14M in 2025
- Why: The fund is required to centralise all public hydrocarbon revenue.
- Outcome: Gas became the largest receipt line at 46.9 percent.
USD 50 million budget transfer S1
- What: The Treasury drew USD 50 million on 9 September 2025 as a levelling transfer authorised by the Finance Law.
- When: September 2025
- Size: USD 50M
- Why: Withdrawals support the budget within the limits set by law.
- Outcome: The balance still rose 1.69 percent over the year.
Investment process
The FNRH Investment Committee (CCI FNRH) proposes the investment policy, the central bank places the deposits, and withdrawals require authority in the Finance Law. S1
| Committee | Role |
|---|---|
| FNRH Investment Committee (CCI FNRH) | Proposes the investment policy S1 |
| Banque Centrale de Mauritanie | Manages the fund and places deposits S1 |
| DGTCP, Ministry of Finance | Prepares the annual report S1 |
- Companies and buyers pay hydrocarbon revenue into the FNRH account. S1
- The central bank places idle balances in US dollar term deposits. S1
- Transfers to the budget are made under the yearly Finance Law. S1
- The Treasury publishes an annual report on receipts, deposits and withdrawals. S1
How to approach: No external investment programme; contact via the Treasury website. S4
Size and returns
- Headline size: USD 214.5M (Total assets (balance sheet), as of 2025-12-31) S1
- In US dollars: about USD 0.215B. Reported in US dollars; account balance per the central bank statement.
- Returns: the fund does not publish a return figure.
- Staff: Run by the central bank and Treasury; no separate staff S1
- Size over time (USD million): 2022 171.1, 2023 192.4, 2024 211.0, 2025 214.5 S1
Leadership
| Name | Title | Since |
|---|---|---|
| Mohamed Lemine Ould Dhehby | Governor, Banque Centrale de Mauritanie (fund manager) S5 | 2022-03 |
Governance and transparency
- Legal basis: Ordinance 2006-008 of 4 April 2006; Article 10 of Law 2008-020 requires the annual report S1
- Oversight: Ministry of Finance (DGTCP) reports on the fund; withdrawals follow the Finance Law S1
- Auditor: The annual report is a Treasury management report based on the central bank account statement S1
- The account is held at the Banque de France. S1
- Deposit rates are measured against a 3-month USD benchmark. S1
- Not an IFSWF member. S2
Transparency score: 6.5 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.
History
For family offices
The FNRH holds bank deposits and does not run co-investment or fund commitment programmes; it is relevant mainly as a signal of Mauritania's gas revenue path. S1
Reports
- FNRH Annual Report 2025: https://tresor.mr/wp-content/uploads/2026/03/Rapport-FNRH-2025.pdf S1
- State financial operations table, May 2026: https://tresor.mr/wp-content/uploads/2026/06/%D8%AC%D8%AF%D9%88%D9%84-%D8%A7%D9%84%D8%B9%D9%85%D9%84%D9%8A%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D9%84%D9%84%D8%AF%D9%88%D9%84%D8%A9-%D9%85%D8%A7%D9%8A%D9%88-2026.pdf S3
Common questions
What is the FNRH?
Mauritania's hydrocarbon revenue fund, created in 2006 and managed by the central bank. S1
How much does it hold?
USD 214.5 million at 31 December 2025. S1
Where is the money kept?
In an account at the Banque de France, placed in US dollar term deposits with banks. S1
Did the State draw on it in 2025?
Yes, USD 50 million on 9 September 2025. S1
Is it an IFSWF member?
No. S2
Related profiles
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- Revenue Regulation Fund (Algeria) Algeria · DZD 0.01
- Libyan Investment Authority Libya · About USD 51.8B (direct portfolio incl. cash)
- Ethiopian Investment Holdings Ethiopia · About USD 45B, estimate
- Mutapa Investment Fund (Zimbabwe) Zimbabwe · USD 16.5B
All sovereign wealth funds in Africa · All stabilisation funds · All funds in Mauritania
Sources
Disclaimer
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