(Ecofin Agency) - This funding supports the Senegalese government's efforts to develop smart cities and accelerate economic growth, in a context of boosting intra-African trade.
The ECOWAS Bank for Investment and Development (EBID) has just granted CFA65 billion ($104.6 million) in financing to support urban development initiatives in Senegal. The agreement, approved at EBID's 85th Session in Lomé, was signed on October 31 by Doudou Ka, Senegal's Minister of the Economy, Planning and Cooperation, and George Donkor, EBID's President.
Of this amount, CFA50 billion is designated for the infrastructure project in District IV of Diamniadio, which is strategically designed to host crucial industries, logistics facilities, and commercial services. The remaining CFA15 billion will be allocated to the construction of the Tivaouane-Mékhé section as part of the Dakar-Tivaouane-Saint-Louis freeway project.
This funding holds a dual significance for Senegal. Firstly, it aligns with the ongoing initiative to transform Diamniadio into a key city with essential infrastructure, aimed at alleviating congestion in the capital, Dakar. Additionally, it lays the groundwork for economic growth in the city of Saint-Louis in anticipation of forthcoming oil and gas extraction endeavors.
"As our nation approaches the exploitation of substantial oil and gas reserves, particularly those found off the coast of Saint-Louis, significant investments have been directed towards their development. Saint-Louis is set to evolve into a hub for hydrocarbon activities, sparking growth in economic ventures and the influx of new services and industries. To prepare for this transition, we're taking the lead by enhancing our road networks and modernizing the city's airport facilities to meet international standards," Minister Doudou Ka said.
These EBID investments are expected to significantly contribute to the advancement of various sectors, such as agriculture, mining, fishing, and tourism, while also fostering trade within the ECOWAS and North Africa. The credit extension brings EBID's commitments to Senegal to around CFA 350 billion.