(Ecofin Agency) - European Investment Bank (EIB) signed agreement to grant Senega €75 million (about 49.2 billion CFA). The facility will be used to implement the Senegal Electricity Modernisation project which is part of the Plan Senegal Emergent program. The funding according to Diéderick Zambon, Chief of EIB for Africa, will be used for emergency investments in the power sector in the Dakar and Zinguinchor regions.
I am honored to sign this agreement to finance the Senegal Electricity modernization project. With this facility, EIB has provided Senegal overall 127,911,000,000 CFA franc (more than €194 million) to implement the Plan Senegal Emergent; this is 65% of what it pledged at the Consultative Group for the presentation of Senegal’s social development strategy, said Amadou Ba, Senegal’s minister of economy and finance, as the agreement was being signed.
Led by SENELEC, the national power utility, the Senegal Electricity Modernisation project aims to modernize power distribution and transport network. It will, enable the densification and extension of the power network, help connect 144,000 new consumers to the grid, permit the installation of 450,000 pre-paid smart meters and 30,000 smart meters, in addition to the installation of internal private systems for 25,000 homes at low cost.
Gwladys Johnson