HomeIndustry SectorsFinance and PolicyITFC greenlights $116 million dedicated to the energy sector in Senegal

ITFC greenlights $116 million dedicated to the energy sector in Senegal

The International Islamic Trade Finance Corporation (ITFC) has approved a $116 million Murabaha financing to SENELEC (Senegal National Power Company). The funds are to ensure the production, transmission and distribution of electricity in Senegal.

The facility is purposed to cover almost 20% of SENELEC’s financing needs to purchase refined petroleum products, directly impacting the production, transmission and distribution of electrical energy throughout the country.

The operation comes to support the Senegalese Government’s efforts to ensure steady availability of electricity and provide the required energy for the development of all economic sectors while contributing to the SDG 7 dedicated to Affordable Energy and SDG 8 on Decent Work and Economic Growth.

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Commenting on the signing, Eng. Hani Salem Sonbol, the finance corporation’s CEO, said: “ITFC subscribes to the sustainable development goals and avails itself to support member-countries achieve them.

“In the same vein, we believe access to electricity is crucial for individuals and businesses especially for a post-COVID-19 global economic recovery, and we see this new financing made available to SENELEC as our contribution to securing the provision of such a crucial need.”

He added that the ITFC has had a “very good partnership with Senegal since our inception and we look forward to supporting the country on its quest for economic growth and development.”

The $116 million Murabaha financing will help meet the growing electricity demand, improve the reliability of power supply, reduce losses, and expand access to previously unserved communities.

Nomvuyo Tena
Nomvuyo Tena is a Content Producer at Clarion Events Africa and is as passionate about the energy transition in Africa as she is about music and Beyonce.