ITFC Signs a €100m Murabaha Financing Agreement with SENELEC
The International Islamic Trade Finance Corporation (ITFC) approved a €100m 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.”
Commenting on the signing, Eng. Hani Salem Sonbol, ITFC CEO said: “ITFC subscribes to the sustainable development goals and avails itself to support member-countries achieve them. In the same vein, we believe access to electricity is crucial for individuals and businesses especially for a post-covid global economic recovery, and we see this new financing made available to SENELEC as our contribution to securing the provision of such a crucial need. We have had a very good partnership with Senegal since our inception and we look forward to supporting the country on its quest for economic growth and development.”
This €100m Murabaha financing will help meet the growing electricity demand, improve the reliability of power supply, reduce losses, and expand access to previously unserved communities.