IDB 43rd Annual Meeting: Group Grants Nearly 100 Billion FCfa in Senegal

The State of Senegal has signed two financing agreements with the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (IDB), on the sidelines of the 43rd Annual Meeting of the Group which is held from 1st to 5th April 2018 in Tunis. This is a global financing of nearly 100 billion FCFA (187 million dollars), according to the Senegalese Minister of Economy, Finance and Planning, Amadou Bâ.

The agreement signed on Wednesday, the third day of the meetings, includes an initial financing of 26.7 billion FCFA, or 50 million dollars, for the National Company of Seed Marketing « SONACOS », for the purchase of seeds in the part of the current groundnut marketing campaign. The second financing, for an amount of 72.5 billion FCFA, or 110.5 million euros, is granted to the Senegalese National Electricity Company (Senelec) to optimize the supply of electricity. in the country, notably by securing the supply of petroleum products for the production of electricity by the power plants of the said company.

Senegal has also received, under the IDB Group’s Rice Value Chain Regional Initiative, US $ 175 million, about CFAF 95 billion, for a pilot program involving 10 countries. the press release issued for this purpose.

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