The Kuwait Fund for African Economic Development (KFAED) has provided $36m for the rehabilitation of the 115km-long Touba-Dahra-Linguere highway in central Senegal.
The deal was signed in Dakar between Hamad Al-Omar, KFAED’s deputy director general, and Amadou Ba, Senegal’s Minister of Economy, Finance and Planning, and follows an initial block funding signed in November for the amount of $17m.
“The Touba-Dahra-Linguere road rehabilitation is a flagship project of the ‘Senegal Emergence Plan’,” explained Minister Ba.
According to him, the project is part of the priority program to open up different parts of the country in order to facilitate economic and social exchanges nationwide.
At the Paris Consultative Group held in February, where Senegal secured a total of $7.7bn, KFAED promised to provide Senegal with $46.7m.
President Macky presented the Senegal Emergence Plan as aiming to boost to 7.0% over the next three years, up from 4.6% at the time, through the implementation of around 30 varied projects across the country.
“A new page is open,” the leader announced, declaring his intention to unite the various driving forces within the country to “develop an economy of solidarity within an environment of improved administration, under the rule of law, together with peace and security.”
Aside from KFAED, the programme is supported by the World Bank and the UN Program for Development, as well as the IMF, US Development Agency, the Department for Foreign International Development of the UK and the African Development Bank.
September also saw Abu Dhabi lead the signing of $19bn in infrastructure projects at the inaugural West Africa Investment Forum held by UEMOA, the West Africa Economic and Monetary Union.
Trojan General Contracting, which is part of the Royal Group owned by HH Sheikh Tahnoon bin Zayed Al Nahyan of the Abu Dhabi Royal Family, committed to equity participation in $16bn worth of road and rail projects across the region, alongside Earth Capital Partners.
Essar Projects in turn committed to $1.98bn in road projects, an airport at Glo-Djigbe in Benin, a bridge at Farim in Guinea-Bissau and the construction of a coal-powered power plant in Salkadamna, Niger, while a third backer, the Oman’s Hasan Juma Backer Trading & Contracting agreed to develop a $700m dry-port facility in Ferkessedougou, Côte d’Ivoire.
“All of the projects are public-private partnerships, and so it is necessary for all of the parties involved to show a real commitment,” explained Cheikhe Hadjibou Soumare, UEMOA president.
“We have asked that they put 85% of the value on the table, while the remaining gap will be funded by investment firms and international banks.”