The World Bank has approved a $180 million credit facility to help Senegal to boost its energy sector and the adoption of information and communication technologies (ICT).
The aim is to help reduce the cost of electricity, improve the performance of the electricity utility, increase competition in the ICT sector and build a sustainable digital economy.
The credit is being issued through the World Bank’s Development Policy Financing initiative which has supported the Government’s efforts over the past two and a half years to diversify the energy mix, increase the use of lower-cost gas and renewable energy and broaden access for the poorest.
The funding is expected to increase private sector investments and enable Senegal to develop the foundations of the digital economy. This, will, in turn, help increase the affordability of basic services supporting economic growth.
The Development Policy Financing initiative is part of the World Bank’s International Development Association (IDA), established in 1960, to help the world’s poorest countries by providing grants and low to zero-interest loans for projects and programmes that boost economic growth, reduce poverty, and improve poor people’s lives.