The IDB shifts focus to Sub-Saharan Africa, provides Senegal US$144 million in project financing - IFN

The IDB shifts focus to Sub-Saharan Africa, provides Senegal US$144 million in project financing

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GLOBAL: With vast natural resources available and a strong drive to enhance its economic situation, investment opportunities in Africa has been the talk of the industry in recent years. Joining in the hype, the IDB Group has announced that it will look to take advantage of the growth in sub-Saharan Africa, as part of its 10-year strategic plan. Celebrating its 40 years of establishment, the bank seeks to maximize the developmental impact in IDB member states and Muslim communities in non-member countries. Dr Ahmad Mohamed Ali, the president of the IDB Group, said: “Sub-Saharan Africa is today among the fastest-growing regions worldwide.” He called on member and non-member countries to actively partake in the bank’s strategic plan. Dr Ahmad highlighted that cooperation serves as an effective tool to reinforce local and international economic competitiveness. “The time has come for us to take advantage of economies of scale, manage shared resources, rationalize local supply and procurement mechanisms, and improve access to international markets,” he continued. Demonstrating their support for African nations, the IDB has agreed to extend US$144 million for the financing of three projects in Senegal. Signed by Dr Ahmad and Amadou Ba, Senegal’s minister of economy and finance, the funding will facilitate projects relating to flood mitigation, sanitation improvement and food supply. Over the years, the IDB has approved a total of US$1.22 billion in funding for Senegal with a renewed focus on investing in the transportation sector as well as other major sectors of the Senegalese economy.