IsDB Group and the Republic of Senegal Stand Ready for More Robust and Enhanced Cooperation

Riyadh, Kingdom of Saudi Arabia, 27 February 2022 – As part of his regular and constant interactions with Member Countries, Islamic Development Bank (IsDB) President and Group Chairman, H.E. Dr. Muhammad Al Jasser, met, today, in Riyadh, with Senegalese Ambassador to the Kingdom of Saudi Arabia, H.E. Dr. Mamadou Mamoudou Sall.

The meeting offered both sides the opportunity to discuss bilateral relations and review the cooperation between the IsDB Group and the Republic of Senegal, where IsDB Group’s interventions, since its inception, have exceeded US$ 4.11 billion.

This amount includes US$ 2.50 billion project financing by IsDB, US$ 171.40 million approved by the Islamic Corporation for the Development of the Private Sector (ICD), US$ 1.13 billion trade operations by the International Islamic Trade Finance Corporation (ITFC), and US$ 312.10 million by other IsDB Group funds and operations.

In addition, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has provided US$ 3.1 billion as business insured and US$ 1.9 billion as new insurance commitments.

“Our cooperation has been growing satisfactorily and I am pleased to inform you that we are looking forward to a more robust and enhanced cooperation with the Republic of Senegal,” stated Dr. Al Jasser.

The IsDB President further underlined the Bank’s active portfolio in Senegal and reiterated IsDB Group’s readiness to continue engaging with Senegal in strategic priority areas.

For his part, the Senegalese Ambassador commended the excellent cooperation between his country and the IsDB Group and acknowledged its financing efforts towards Senegal.

While congratulating the IsDB President and Group Chairman for his assumption of office in mid-2021, the Ambassador thanked the IsDB Group for its support to Senegal in dealing with the impact of COVID-19. He expressed his country’s appreciation for the US$ 133 million provided by IsDB Group for the Institute Pasteur project (detection and prevention), for capacity building in the health sector, and the distribution of food baskets.

Alongside the already made contributions, the IsDB stands ready to support the Government’s efforts and is currently processing the Government’s request for cooperation in: (i) the agriculture sector through the Nianija-Bolong Watershed Water Resource Mobilization project and the Soil Fertility project; (ii) the water and sanitation sector through the Stormwater Management and Climate Change Adaptation Project; and (iii) the Small and Medium Enterprises under the Strategic Preparedness and Response Package (SPRP) Restore Track (R2) Project.