(Ecofin Agency) - SENELEC, Senegal’s power utility, raised 2 000 billion CFA francs (more than $3.4 billion) to improve its results.

The funding will help increase power output, build additional power plants, extend the electricity distribution network and the better integration of the IT tool into the management of the sector, among others.

“For all these projects, we need 2 000 billion CFA francs, including 254 billion francs for 2017. We have virtually mobilized all the necessary funding”, revealed Abdoulaye Dia, secretary of electricity company addressing the association of economic journalists of Senegal.

The executive further noted that it was difficult to raise initial financing as SENELEC did not have “validated accounts”. “However, today, we have regained our confidence and even refuse loans because we believe the programme has been completed,” he added.

Let’s recall that in 2016, the firm recorded a profit of FCFA30 billion, up from FCFA12 billion and FCFA2 billion in 2015 and 2014 respectively.