- ITFC approves financing for SENELEC
- SENELEC to receive €100 million
- The funding will aid in improving electricity access in Senegal
The Internal Islamic Trade Finance Corporation (ITFC) has approved a €100 million financing structure to aid the state-owned Senegal National Power Company (SENELEC) in fulfilling its mandate to ensure improved access to electricity in Senegal. The financing is in line with the ITFC’s commitment to supporting member countries in improving electricity access. The ITFC’s facility will cover 20% of the funding required to purchase refined petroleum products for electricity generation in Senegal.
The Chief Executive Officer (CEO) ITFC, Engr, Hani Salem Sonbol, who spoke at the signing ceremony, said, ”ITFC subscribes to the sustainable development goals and avails itself to support Member-Countries achieve them. In the same vein, we believe access to electricity is crucial for individuals and businesses, especially for a post-covid global economic recovery, and we see this new financing made available to SENELEC as our contribution to securing the provision of such a crucial need.”
”We have had a very good partnership with Senegal since our inception, and we look forward to supporting the country on its quest for economic growth and development,” Sonbol added.