BOAD grants XOF25 billion loan facility to Société Nationale d’Electricité du Sénégal
Lomé, 7 February 2017. Messrs. Christian Adovelande, President of the West African Development Bank (BOAD), and Mouhamadou Makhtar Cisse, Managing Director of Société Nationale d’Electricité du Sénégal, have signed a XOF25 billion loan agreement for the partial funding of electric power distribution grid strengthening and redevelopment in the Dakar, Thiès, Kaolack, Fatick, Saint-Louis and Tambacounda areas. This facility provided by the Bank represents 82.3% of the total project cost and will contribute to regular power supply through power distribution grid automation, removal of radial lines and power grid strengthening.
“BOAD’s action is aimed at reducing power generation cost, increasing rate of access to power, decreasing power deficit through increased power generation and promotion of regional power interconnections and enhanced performance of the various economic sectors in the WAEMU countries” said Mr. Christian Adovelande. As such, BOAD’s support to power sector amounts to XOF850 billion as at 31 December 2016.
For his part, Mr. Cisse believed that “BOAD plays a key role in financing the power sector in the West African Economic and Monetary Union. It has long been one of the key donors of SENELEC, by financing the Sococim-Mbour power line and the Malicounda power station implemented in 2004, the Boutoute 10-MW power plant extension in 2004, participating in the Kounoune Power IPP project commissioned in 2008, supporting the Kahone 2 power plant in 2008 and all the recent loan agreements signed regarding the Kounoune-Sendou, Konoune-Tobène, Kaolack-Fatick 225 kV power lines, to name just a few”.
The newly signed loan agreement brings BOAD’s support in the power sector in Senegal to XOF154.5 billion, or 22% of total financial support provided to this country.
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