• ITFC signs €630 million 2026 financing plan with Senegal

• Funds support fuel imports, peanuts, energy and food security

• Plan part of €2 billion five-year framework agreement

The International Islamic Trade Finance Corporation (ITFC) and Senegal have signed the 2026 annual financing plan, the institution said on Wednesday, February 11, 2026.

The plan will mobilize up to 630 million euros ($749 million) to support trade finance operations, including essential imports and exports such as petroleum products and peanuts, contributing to energy security, food security and private sector development, ITFC said in a statement.

The agreement comes as Senegal faces rising trade finance needs. The economy remains heavily dependent on imports of petroleum products.

Despite the start of local oil production, refining capacity is limited, leaving the country reliant on large volumes of refined fuel imports. In May 2025, imports of refined petroleum products totaled nearly 119.9 billion CFA francs ($362 million), with a further 44.5 billion CFA francs spent on crude oil.

To curb import dependence, the government is relying on the SAR 2.0 project, a second refinery expected to begin operations by 2029. The facility is projected to raise refining capacity to more than 5 million tons per year, allowing locally produced oil to be processed domestically.

In agriculture, the removal of the 4% tax on peanut exports for the 2025/2026 season is intended to boost international sales and support producers.

The 2026 annual plan is part of a 2 billion euro five-year framework agreement signed in May 2025 between the two parties. It will support key development sectors, including health, agriculture, energy and the private sector.

Ingrid Haffiny