Islamic Development Bank: Senegal gets 132.2 billion to finance two major projects

JEDDAH, Saudi Arabia: The Minister of Economy, Finance and Planning, Mr. Amadou BA conducted, with his colleagues in charge of Water and Sanitation, Infrastructure, Land Transport and Opening up, the minister of youth, Employment and Citizen Building, the minister of Livestock and Animal Production, a working visit to the Islamic Development Bank (IDB) in Jeddah, Kingdom of Saudi Arabia.

This working visit was an opportunity to sign with the President of the IDB Group, Dr. Mohamed Ali the financing agreement of the drinking water supply project for the city of Dakar (Keur Momar Sarr 3) for an amount of 87.2 billion CFA francs. The project, part of the Priority Action Plan (PAP) of the Emergent Senegal Plan (PSE), aims to secure drinking water supply for the city of Dakar until 2035 and extending the network of distribution around the new economic centers of Dakar, Thies and localities crossed by the conduct of Lac de Guiers.

A second financing agreement has been concluded with the Islamic Corporation for the financing of International Trade (ITFC) for the financing of the 2015- 2016 campaign for collection –marketing of peanut amounting to CFAF 45 billion. This funding will help collect 195,000 tons of groundnut seeds.

Overall, with these funding agreements that have just been approved in the amount of 132.2 billion FCFA, financing provided by the IDB Group to Senegal since the holding on 24 and 25 February 2014 of the Consultative Group on PSE funding reached 477.1 billion CFA francs, representing an implementation rate of the financial commitments of this institution at 86.7% in two (2) years with regard to the PAP (2014-2018) of the PSE.

Giving favorable consideration to various funding requests submitted by the Senegalese Party, the IDB Group has committed to contribute financially to twelve (12) new projects at a cost of FCFA 888.2 billion in the context of its new Strategy Document-Country Partnership for the period 2016-2020 in support of Emergent Senegal Plan (PSE). These are the following projects:

1. Project Dakar Diamniadio-AIBD Regional Express Train (TER), costing a total of four hundred and fifteen (415) billion FCFA;;

2. Cities Modernization Program (PROMOVILLES), costing a total of two hundred eighty-four (284) billion FCFA,

3. Road improvement program in rural areas- Pilot project with products Probase a cost of 15 billion CFA francs. These are the construction of 200 km of access roads with Probase products including a limited test phase of 100 km of roads.

4. Youth Employment Program through the promotion Community agricultural Domains - Community Agricultural Domaines Program (PRODAC) (agropastoral, poultry and aquaculture sectors). For the implementation of this project, financing 36 billion FCFA is expected from the IDB;

5. Project for refreshment and optimization of drinking water supply systems in the regions of Thies, Diourbel, Fatick, Kaolack and Kaffrine, at a cost of 6.4 billion CFA Francs;

6.  Special Program of drinking water supply -in deficit areas of Senegal at a cost of 37.4 billion CFA francs. This project will enable the construction of boreholes and water purification units, water supply of the town of Kidira, the water supply of the region of Ziguinchor and drinking water supply to the Ferlo area;

7. Establishment of a strategic program for reservoirs securing the drinking water supply of Dakar;

8. Malaria Project at a cost of 19.2 billion by co-financing with the Global Health Fund FCFA and the Bill Gates Foundation ;

9. National sheep Self-Sufficiency Program at a cost of 34 billion CFA francs. Said program aims to increase domestic sheep offer, including tabaski and contribute to the creation of income-generating employment;

10. Project for the development of the dairy industry (PRODELAIT) at a cost of 19.2 billion CFA francs, which aims to sustainably improve milk production by intensifying and modernizing production systems;

11. Literacy and trades’ learning for the fight against poverty (PALAM), Phase II at a cost of 12 billion FCFA;

12. Project to improve the quality of Senegalese rice at a cost of 10 billion CFA francs, which aims to improve the conditions of processing 500 000 tons of paddy rice per year and the quality of Senegalese white rice everywhere.

The working visit also focused on cooperation with the Islamic Corporation for Private Sector Development (SID) with which Senegal has successfully conducted in 2014 SUKKUK loan of CFAF 100 billion, the first Islamic bond issued by a WAEMU State. The Government of Senegal has requested an offer from SID for the launch of a second SUKUK to finance structural projects of the Emergent Senegal Plan (PSE), in the context of the closure of the financial operations of the State for the year 2016.

The IDB President, while renewing her support to Mr. President of the Republic Macky Sall in the implementation of the Emergent Senegal Plan, praised his vision and leadership in our sub-region and in the Islamic UMMAH.

 

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  • Growth rate: +4.9%

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