SENEGAL – The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, approved US$116.4 million Murabaha financing to SENELEC (Senegal National Power Company) to help meet the growing electricity demand, improve the reliability of power supply, reduce losses, and expand access to previously unserved communities.

The company’s strategic mandate is to ensure the production, transmission, and distribution of electricity in Senegal and this approval reflects ITFC’s commitment to supporting the availability and affordability of electricity in member countries.

The facility is purposed to cover almost 20% of SENELEC’s financing needs to purchase refined petroleum products, directly impacting the production, transmission, and distribution of electrical energy throughout the country.

The operation comes to support the Senegalese Government’s efforts to ensure steady availability of electricity  and provide the required energy for the development of all economic sectors while contributing to the Sustainable Development Goal 7 “Affordable Energy” and Sustainable Development Goal 8 “Decent work and economic growth.”

Commenting on the signing, Eng. Hani Salem Sonbol, ITFC CEO 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.”

The International Islamic Trade Finance Corporation was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving the socio-economic conditions of the people across the world.

Commencing operations in January 2008, ITFC has provided US$55 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs.

With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market.

Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals, and insights from Africa’s business, economy, and more. SUBSCRIBE HERE