Dakar, Senegal — ESI-AFRICA.COM — 28 July 2011 – The West African Development Bank (BOAD) has announced that it has offered Senegal a 57 billion CFA francs (US$125.5 million) loan to help the West African government finance power projects.
Revealing this in a state TV broadcast here, BOAD president Christian Narcisse Adovelande said
after meeting Senegal’s President Abdoulaye Wade that this was the first time that the bank was disbursing such a significant sum for a single project.
Senegal is facing a severe power crisis with outages lasting more than 30 hours in some neighbourhoods, and this has triggered street protests and riots. Reuters reports that years of poor management and misdirected investment have left Senegal with one of the world’s most costly and inefficient power sectors, based on diesel-run generators.
Wade’s government has said that it plans to invest nearly 1 billion euros (US$1.4 billion) on a long-term strategy to overhaul the country’s power sector.