ITFC Signs a EUR 110.5 Million Agreement with SENELEC to Boost Senegal’s Energy Sector

Note* - All images used are for editorial and illustrative purposes only and may not originate from the original news provider or associated company.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from any location or device.

Media Packs

Expand Your Reach With Our Customized Solutions Empowering Your Campaigns To Maximize Your Reach & Drive Real Results!

– Access the Media Pack Now

– Book a Conference Call

– Leave Message for Us to Get Back

Related stories

The Growing Significance of the Run-of-River Plants

As the world is looking out for ways in...

Advancements in Hydropower: Innovations to Expect in 2025

As the global community struggles to address the immediacy...

US Aims To Bring Down Hydrogen Electrolyser Costs In 2 Years

The Hydrogen and Fuel Cell Technologies Office- HFTO of...

Multi-Year Program Plan By HFTO To Widen US Clean Energy

It is worth taking into consideration that the Multi-Year...

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’.

Latest stories

Related stories

The Growing Significance of the Run-of-River Plants

As the world is looking out for ways in...

Advancements in Hydropower: Innovations to Expect in 2025

As the global community struggles to address the immediacy...

US Aims To Bring Down Hydrogen Electrolyser Costs In 2 Years

The Hydrogen and Fuel Cell Technologies Office- HFTO of...

Multi-Year Program Plan By HFTO To Widen US Clean Energy

It is worth taking into consideration that the Multi-Year...

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from any location or device.

Media Packs

Expand Your Reach With Our Customized Solutions Empowering Your Campaigns To Maximize Your Reach & Drive Real Results!

– Access the Media Pack Now

– Book a Conference Call

– Leave Message for Us to Get Back