The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), member of the Islamic Development Bank (IsDB) Group (www.IsDB.org), signed a EUR 110.5 Million Murabaha Financing Agreement (CFA Franc 72.5 Billion), in favor of SENELEC (Senegal National Power Company) to enhance the country's power system efficiency.
The agreement was signed by Eng. Hani Salem Sonbol, CEO, ITFC, and Mr. Mouhamadou Makhtar Cissé, CEO, SENELEC. Eng. Hani Salem Sonbol said after signing the agreement , “ITFC is pleased to participate in Senegal’s ambitious power agenda to address the country's energy needs.”
He continued “The operation will contribute to secure the supply of petroleum products for electricity generation and power plants in the country, and therefore support its economic development. Moreover, the financing is expected to help improve people's living conditions in Senegal.”
From his side, Mr. Mouhamadou Makhtar Cissé said: “It is an important step for Senegal’s power sector. The financing will have a strong impact in providing much needed power to help sustain the country’s economic growth and implement Senegal’s Emerging Plan (“PSE 2035”).” He added that “The agreement shall therefore, contribute to the Government efforts to eliminate electricity shortage.”
The country has benefitted from more than USD 321 million of financing since ITFC’s inception in 2008.
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
About the International Islamic Trade and Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (www.ITFC-IDB.org) is an autonomous entity within the Islamic Development Bank (IsDB) Group. ITFC commenced operations in January 2008 with the purpose of consolidating all the trade finance businesses that used to be handled by various windows within the IsDB Group. The consolidation of IsDB Group’s trade finance activities under a single umbrella enhanced the Corporation’s efficiency in service delivery by enabling rapid responses to customer needs in a market-driven business environment.
As a leader in Shari’ah-compliant trade finance, ITFC deploys its expertise and funds to businesses and governments in its Member Countries. With the vision of being the leading provider of trade solutions for OIC Member Countries’ needs, the Corporation helps entities in Member Countries gain better access to trade finance and provides them with trade development programmes in order to help them compete successfully in the global market. Operating to world class standards, ITFC promotes IsDB developmental objectives through its two main pillars, Trade Finance and Trade Development, to fulfil its brand promise of 'Advancing Trade & Improving Lives'.