IsDB and Senegal Re-allocate US$ 75.2 Million of Funding

DRiyadh, Kingdom of Saudi Arabia, 27 October 27 -  Islamic Development Bank (IsDB) President and Chairman of IsDB Group, H.E. Dr. Muhammad Al Jasser, and the visiting Minister of Economy, Planning, and Cooperation of Senegal, H.E. Mr. Amadou HOTT, today, in Riyadh, put their signatures to eight amendments to financing agreements that will re-allocate a total of US$ 75.2 million worth of financing for the country.

The funds are intended to replenish the resources from the eight projects that the Republic of Senegal had reallocated to the Emergency Food Aid Program for vulnerable populations, as part of the financing of its response to COVID-19 pandemic.

As part of its efforts to support its member countries to stem the spread and reverse the consequences of the COVID-19 pandemic, the IsDB approved, on behalf of Senegal, in July 2020, an Emergency Food Assistance Program for the vulnerable populations, amounting to US$ 84.03 million.

The project provided for the distribution of basic food products (rice, sugar, pasta, oil, and soap) to one million households in need. To date, US$ 77.63 million have been disbursed under this project.

Faced with the emergency, the IsDB had shown flexibility in responding favorably to the request of the Government of Senegal for the use of savings and amounts not yet committed from a list of 10 projects to cover the key interventions of the country’s response.

US$ 75.2 million was thus re-allocated from eight development projects namely: US$ 16.64 million from the rural electrification project; EUR 11.15 million from the Dakar Water Supply Extension Project; US$ 5.58 million from the Flood Impact Mitigation Project; EUR 8.715 million from the Regional Roads Reconstruction Project; US$ 4.5 million from the Recurrent Food Insecurity Resilience Building Project; US$ 4.74 million from the Project for the development of female entrepreneurship and support for youth employment; US$ 7.63 million from the Emergency Program for the community development project; and EUR 11.15 million from the Secondary Town Modernization Program (PROMOVILLES).

The IsDB’s active portfolio in Senegal, currently, stands at US$ 1.7 Billion for 35 operations.