Construction of A Commercial and Residential Waqf Complex in Dakar For the Benefit of the Traditional Quranic Schools (Daras) in Senegal

Beneficiary: :

Daras schools

Total funding: :

US$ 20 million

Status: :

On Disbursement

The objective of this project is to generate regular income for the High Authority of WAQF (HAW) to sustainably support the development and modernization of the Daras schools by administering, promoting, and developing WAQF in Senegal.

The High Authority of Waqf (HAW), an independent administrative authority attached to the Prime Minister's Office whose primary missions are to administer public WAQF, to promote and develop WAQF in Senegal and to control and supervise other types of WAQF, will be the executing agency for this project.

The project entails the construction of a commercial and residential complex in Dakar and rents out its premises commercially. The land covers a total area of 2,273 m² and a built-up area of 26,000 m², all of which is located in the Plateau Area in Dakar, close to the Presidential Palace and French Embassy.

Noting the unit cost of US$780 per m2 which is the range of rates for high-standard buildings, the total project cost is estimated at US$ 24.2 million with US$ 20 million contributed by IsDB through way of Leasing, whereas US$ 5 million from ISFD, US$ 5 million from APIF, and US$10 million from APIF Line. The tenor will be 25 years, including a gestation period of 3 years and a tolerance period of 6 months. Repayment will be in 43 semi-annual installments.