(Ecofin Agency) - Senegal has signed with the Islamic Trade Finance Corporation (ITFC) a €110.5 million funding agreement benefiting Senelec, the country’s power utility. The facility granted by the arm of the Islamic Development Bank (IDB) will help the utility improve the efficiency of the national power system.

“This move will help guarantee the purchase of oil and gas used as fuel by the country’s power stations and subsequently support economic growth. But, most importantly, it will help improve the living standards of Senegal’s people,” said Hani Salem Sonbol (photo), Director of ITFC.

Since it joined the organization in 2008, the country received more than $321 million of funding (about €272 million) from the ITFC. 

Mouhamadou Cissé, Senelec’s director, has for his part said that the funding will help rapidly achieve the goals set by the country, in the framework of its 2035 plan for an emerging Senegal. In line with this, the minister of energy has announced that it would electrify by 2025, 1,215 villages with mini-grids. This will cost a total of €50.9 million.

 Gwladys Johnson Akinocho