Abu Dhabi Fund for Development (ADFD) has committed to renewed investment in Senegal, specifically in transport and energy projects, following the attendance of President Macky Sall at the World Future Energy Summit (WFES) hosted by the Emirate.
His Excellency President Macky Sall revealed that he had received ‘firm commitments’ from the ADFD, and specified that the infrastructure element of the deal entailed the partial financing of the Ndioum-Ourossogui highway reconstruction in the northeast of Senegal.
The president also noted that the UAE authorities had promised him a donation to construct a 15-megawatt power station with a view to improving electricity supply within the country.
During the WFES opening ceremony, President Sall highlighted Senegal’s greatly improved business environment and the business opportunities that these conditions now presented, but also the need for further investment into power projects.
Underlining the positioning of Senegal in West Africa, President Sall noted that Africa was, “a continent of the future, with a dynamic population and middle class, important resources and a strong growth potential. The only disadvantage the continent faces is energy.”
**UPDATE** on 21.01.14
The value of the loan agreement agreed to by the ADFD has been disclosed as being $14.4m, much of which will go toward the funding for the Ndioum-Ourossogui highway project.
Mohammed Saif Al Suwaidi, ADFD director general, stated: “This agreement reflects our keenness in supporting the infrastructure sector in Senegal as the mainstay of economic and social development, and the strong foundation for the growth of various sectors.”
Mohamadou Mactar Cisse, Senegal’s budget minister, added: “The financial loan provided by ADFD will effectively contribute to comprehensive development, facilitating not only the movement of people, but also the recovery of major economic activities such as agriculture, fishing, tourism and the transport of products to domestic and international markets.”