Senegal Minister of Economy and IsDB President Sign USD 29 Million Financing Agreements in Washington

Washington, United States, 14 October 2022 – On the sidelines of the ongoing 2022 IMF and World Bank Group meetings now underway in Washington, President of the Islamic Development Bank (IsDB) and Group Chairman, His Excellency Dr. Muhammad Al Jasser, has met with Senegal’s Minister of Economy, Her Excellency Oulimata Sarr.

During the meeting, the two sides put their signatures to two financing agreements for a project for the establishment of a EUR 27.6 million manufacturing unit for COVID -19 vaccine, and a USD 2 million project for Soil Fertility Mapping.

The overall objective of the first project is to support the manufacturing of vaccines in Africa for disease control and immunization coverage as well as building autonomy. The project will initially produce COVID-19 vaccines. Eventually, it will manufacture and supply other high-quality vaccines by IPD, serving as a regional center of excellence for Africa. 

While congratulating the minister on her recent appointment to the post, the IsDB president expressed appreciation to the Government of Senegal for the continued support of the IsDB Group including their subscription to the Bank’s 6th General Capital Increase as well as their committed contribution to the capital of the Islamic Solidarity Fund for Development (ISFD) which is IsDB Group’s poverty alleviation arm.

To date, IsDB Group’s overall funding approvals to Senegal amount to US$4.68 billion, including US$2.93 billion in project financing by IsDB and US$1.75 billion by other IsDB Group funds and operations while the Group's active portfolio in the country stands at US$ 3.19 billion.

The IsDB Group is currently processing the Senegalese Government’s request to support: (i) the SMEs Line of Financing with the SPRP R2 project, (ii) the Agropole Center project, (iii) the National Livestock Development Program, (iv) Support to the Malaria Elimination project (phase 2) and, (v) Project of Accelerating Inclusive Sanitation and Hygiene for 9 cities in Senegal (PAAHIS).