ITFC signs 100 million Euro murabaha financing agreement with Senegal's SENELEC
Dakar, 20th October 2021–The International Islamic Trade Finance Corporation (ITFC) approved a Euro 100 million Murabaha financing to SENELEC (Senegal National Power Company). The company’s strategic mandate is to ensure the production, transmission, and distribution of electricity in Senegal. This approval reflects ITFC’s commitment to supporting the availability and affordability of electricity in member countries.
The facility is purposed to cover almost 20% of SENELEC’s financing needs to purchase refined petroleum products, directly impacting the production, transmission, and distribution of electrical energy throughout the country. The operation comes to support the Senegalese Government’s efforts to ensure a steady availability of electricity and provide the required energy for the development of all economic sectors while contributing to the SDG 7 “Affordable Energy” and SDG 8 “Decent work and economic growth.”
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