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MCB provides $60 million to drive gas expansion
- Aims at improving electrification in Senegal
- Karpowership to benefit from the funding
The Mauritius Commercial Bank (MCB) in a bid to drive the national electrification plan of Senegal, has provided $60 million in funding to the country. The funding is part of a larger project financing whose beneficiary, Karpowership, will use in the operation of the 235MW powership on the shores of Dakar, Senegal.
The Senegalese government under the “Plan Sénégal Emergent” program, plans to increase nationwide access to electricity to 100% by 2025. The government plans to achieve this by the reduction of generation costs. Senegal plans to develop its Liquified Natural Gas resources in a transition from crude oil dependency.
Senegal currently awaits the arrival in mid-May of its, Floating Storage and Regasification Unit (FSRU), which departed Singapore in March. The FSRU is the product of a joint venture between Karpowership and Mitsui OSK Lines.
“Financing Karpowership in Senegal I a first step in the right direction” MCB head of Specialized Finance Zaahir Sulliman has said.