On Visit to Senegal, IDB President is received by the President of the Republic, Inaugurates an Innovation Exhibition, Signs Financing Agreement

Jeddah, KSA, 09.04.2015

The President of the Republic of Senegal, HE Macky Sall, received the President of Islamic Development Bank (IDB), Dr Ahmad Mohamed Ali who was on visit to Dakar. Discussion covered several domains of the on-going cooperation between Senegal and IDB, particularly the mobilization of resources, through sukuk issuance, in order to provide necessary financing for development projects in Senegal.

The IDB President also participated with Senegal's Minister of Economy and Finance, HE Amadou Ba, in the inauguration of an exhibition and a workshop on innovation, organized by IDB in Dakar on 8-9 April 2015, to support Senegal in its quest for innovative projects.

The exhibition includes, inter alia, the Bangladesh-Fael Khair Program which is a project that preserves the lives of cyclone victims, provides them with a means of subsistence and safe drinking water, contributes to increasing literacy rates and empowers women.

Another project exhibited is Malaysia-Soil Road Maintenance which is a technology that provides an economic way of making cost-efficient and durable roads, using in situ materials resulting in cost saving of about 40%.

The  Sudan-Microfinance project which supports over 22,000 micro-entrepreneurs, previously unemployed youth and low income productive families, who benefited through the successful application of sharia-compliant microfinance products, was also shown in the exhibition.

While in Dakar, the IDB President also signed an agreement providing a US $47 million financing to Senegal for the OMVG Regional High Voltage Electricity Project. This hydroelectricity project (prepared by OMVG/Organization for the Development of the Gambia River, grouping Gambia, Guinea, Guinea Bissau and Senegal) will provide 402 gigawatts and generate electricity for 350 thousand people.

Since joining the IDB in November 1976, the Republic of Senegal has received an IDB Group financing of about US$ 1.4 billion as follows: project financing US$ 1.1 billion, Technical Assistance USD 12 million, Trade financing US$ 303 million, and Special Assistance US$ 3.6 million.

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© Press Release 2015