IsDB & Senegal Sign 3 Financing Agreements for US$ 390 Million

Jeddah- Kingdom of Saudi Arabia, 17 April 2022 - President of the Islamic Development Bank (IsDB) and Group Chairman, HE Dr. Muhammad AL Jasser, signed, today, in Jeddah, three framework financing agreements with H.E. Mr. Amadou HOTT, Minister of Economy, Planning and Cooperation of Senegal, for a total amount of US$ 390 million.

The agreements are intended to finance the Louga- Gandon (41km) leg of the Government of Senegal’s flagship project, Dakar- Tivaoune- Saint Louis Highway, for EUR 238.23 million; phase II of Diamniadio – Blaise Diagne International Airport (AIBD) of the Regional Express Train (TER) for EUR 100 million; and the construction of a real estate Waqf project for the benefit of the Daras Schools for US$ 20 million.

On this occasion, Dr. Muhammad Al Jasser praised the cooperation between the IsDB Group and the Government of Senegal and reiterated the Bank’s full commitment and continued support for member countries to respond to their development challenges. “The signing of these agreements is a testimony of the strong partnership between the Republic of Senegal and the IsDB Group, in alignment with the country’s priorities, as set out in the Emerging Senegal Plan (PSE) and our own commitments to supporting member countries in their development plans.

While welcoming the signing of these financing agreements, Mr. Amadou HOTT praised IsDB as the first development finance partner of the Government of Senegal. He lauded the exemplary cooperation between IsDB and Senegal and conveyed President Macky Sall’s thanks to Dr. Muhammad Al Jasser for the IsDB Group’s support to the efforts of the Senegalese Government to improve the lives of its people. These three projects are critical and impactful for the Senegalese economy.

The construction of the Dakar-Tivaouane-Saint Louis Highway/ Louga- Gandon section project falls in line with IsDB’s 10-year strategy and its Transport Policy. The project will boost economic development and reinforce national cohesion and regional integration. Once completed, the main key results of the project include savings on vehicle operating costs and travel time, better access to social services and facilities, and improved living conditions for the population. It will connect Senegal faster with Mauritania and Morocco, make accessible the agricultural areas in the North and develop the tourism sector

The phase II of Diamniadio–Blaise Diagne International Airport (AIBD) of the Regional Express Train (TER) (19km) is a continuation of the IsDB support during Phase 1 (36km) of the project. This phase will be jointly financed by the IsDB, AfDB, BIDC, Government of France (Export Credit), and the Government of Senegal. The project will generate considerable benefits in terms of urban and inter-urban economic development as well as greater safety and comfort for rail users. The specific Development impacts of the project are: (i) reducing travel time between Dakar City Center and to the AIBD from 1.5 to 0.5 hours; (ii) reducing air pollution by an estimated at 17,000 tons of CO2/year: and (iii) providing capacity to the travel demand estimated at 10 million passengers/year and land development reserve for 20 million passengers/year.

The last signed financing agreement is related to the construction of a real estate Waqf project for the benefit of the Daras schools. The project entails the construction of a commercial and residential tower of 19 levels covering approximately a 26,000 m² built-up area.


IsDB Group total financing for Senegal, since inception of the Bank, has exceeded US$ 3.89 billion. Currently, the Bank's active portfolio in Senegal includes 35 projects under implementation with a commitment value of about US$ 1.8 billion.