Dakar, Senegal, 28.01.2014- The Islamic Development Bank (IDB) and the government of Senegal have signed agreements amounting to US$ 144 million (CFAF 69 billion) for the financing of three projects in Senegal. The signing took place at King Fahd Palace Hotel in Dakar, on the sidelines of the IDB Group High Level Regional Forum as part of the 40 years celebrations of the IDB.

The agreements were signed by Dr. Ahmad Mohamed Ali, Chairman of the IDB Group and Mr. Amadou Ba, the Minister of Economy and Finance of Senegal.

The three projects are “the Floods Impact Mitigation Project in Dakar” for which IDB will provide US$ 39 million, “the Building Resilience to Recurring Food Insecurity Program” for which IDB’s financing is US$ 26 million, and “the Northern Dakar Sanitation Improvement Project” where IDB will provide US$ 79 million.

The signing ceremony took place shortly after the opening ceremony of the High Level Regional Forum in Dakar in the presence of the Senegalese Prime Minister Mrs. Aminata Toure. During the ceremony, IDB President Dr. Ahmad Ali thanked the government of President Macky Sall for its hospitality and support to the IDB Group.

In his opening remarks, the Minister of Finance and Economy, Mr. Amadou Ba, expressed his appreciation to IDB for organizing the High Level Regional Forum in Dakar.

Since Senegal joined the IDB in 1976, its cooperation with the Bank has been growing steadily. Over the years, the IDB Group has approved a total of US$ 1,229 million for Senegal. This consists of 106 operations in project financing activities for US$ 869.2 million, 7 Special Assistance operations for US$ 14.2 million, trade financing for US$ 282.60 million from the International Islamic Corporation for Trade Financing, US$ 31.5 million from the Islamic Corporation for the Development of the
Private Sector (ICD) and US$ 31 million from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). Recently, IDB has been focusing on the transport sector where around US$ 296.6 million has been committed through combined modes of financing (ordinary financing and concessionary loan). The portfolio is well diversified and covers the major sectors of the Senegalese economy.