EBID signs XOF 65 billion loan agreements with the Government of the Republic of Senegal to enhance infrastructure development and trade

EBID signs XOF 65 billion loan agreements with the Government of the Republic of Senegal to enhance infrastructure development and trade

Dr George Agyekum Donkor, President and Chairman of the Board of Directors of the ECOWAS Bank for Investment and Development (EBID), and His Excellency Doudou Ka, Minister for Economy, Planning and Cooperation of the Republic of Senegal and Governor of EBID for Senegal, have signed two loan agreements granting a total of XOF 65 billion to the Government of Senegal for infrastructure development and trade. The signing ceremony took place at EBID’s Headquarters in Lomé, Togo.

The first facility extended by EBID to the Government of the Republic of Senegal is a XOF 15 billion loan to finance the second phase of the Tivaouane-Mekhe section of the Dakar-Tivaouane-Saint Louis motorway construction project. The project aims to address the challenges of territorial connectivity and its impact on the development of mining, tourism, and agricultural sectors in the region. The loan will supplement an initial sum of XOF 60 billion previously granted by EBID for partial financing of the first phase of the motorway construction project.

The second loan facility of XOF 50 billion will go towards the development of integrated road networks and other infrastructure projects in District IV of the urban town of Diamniadio, where industries and key business services are being established. This project, a part of the Government’s “Plan for an Emergent Senegal 2035” aims to equip Diamniadio with the infrastructure necessary to turn it into a regional technological and financial hub. Specifically, efficient road and drainage networks, modern wastewater and stormwater treatment facilities, and adequate supply of quality drinking water and electricity will be provided to support growth.

The Honourable Minister stated, “With these two agreements, EBID, has shown commitment and solidarity with our country. I commend your institution for demonstrating once again that it is an essential and important link in the process of development and integration of our subregion. The partnership commemorated in this ceremony constitutes an important step in the implementation of Senegal’s ambitious strategy to amplify its economic development policy, which also involves the modernisation of its infrastructure.”

“EBID’s commitment to supporting its Member States with their national development plans, in this case, the Republic of Senegal, remains at the core of our operational activities and both projects are in line with the Bank’s strategic objectives of supporting infrastructure projects that promote economic integration in the sub-region, in accordance with its 2021-2025 Strategy,” Dr Donkor remarked.

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