SFD Signs a $63 Million Agreement to Finance a Development Project in Senegal

Tuesday 1444/3/1 - 2022/09/27
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Senegal, September 27, 2022, SPA -- In the presence of the President of the Republic of Senegal, Macky Sall, and the Saudi Minister of Investment, Eng. Khalid bin Abdulaziz Al-Falih; the CEO of the Saudi Fund for Development (SFD), Sultan bin Abdulrahman Al-Marshad, signed a development loan agreement with the Minister of Economy, Planning and Cooperation of Senegal, Olimata Sarr, to finance the Dakar-St. Louis coastal road project, Part One, Dakar-Tivawan, with a value of $63 million, presented by SFD.
The signing took place at the presidential palace in the Senegalese capital, Dakar; during an official visit of the Kingdom’s delegation, headed by the Minister of Investment Eng. Khalid Al-Fakih, to the Republic of Senegal.
This agreement aims to build a highway with two lanes, a width of 25.6 meters and length of 12 km. This road project will include overhead intersections, rainwater drainage, road lighting and safety tools. At the same time, the project will help reduce the traffic accidents, meet the cities and villages’ needs, support the mutual trade with neighboring countries and enhance the economic and social growth in Senegal.
Senegal’s Minister of Economy, Planning and Cooperation Oulimata Sarr stressed the importance of the Saudi role, represented by SFD, in supporting development projects and programs in the transport and communications sectors in Senegal. The new road project will link cities and villages together and serve many residents in the country by improving their social and economic conditions.
CEO of SFD Sultan bin Abdulrahman Al-Marshad clarified that this project will have a positive impact on the everyday life, will support the basic services in the infrastructure sector and will help improve the social and economic conditions of the Senegalese people.
Since 1978, SFD provided 27 loans to finance 25 projects and programs, estimated at USD 447 million. SFD has successfully managed 4 grants, estimated at more than USD 19 million, provided by the Kingdom’s government to support several fields in Senegal, such as the transportation, communications, infrastructure, health, housing, urban development, energy, education, water, and sanitation sectors. The Kingdom’s support provided to Senegal will achieve its growth, prosperity, and sustainable development goals.
17:37 LOCAL TIME 14:37 GMT