Senegal Closes Finance Deals for $1 Billion Urban Rail ProjectBy
Senegal closed finance arrangements for a $1 billion urban rail project for its capital after finalizing an agreement with the African Development Bank.
The AfDB agreed to offer 120 billion CFA francs ($212 million) for the project that will link Dakar with its main airport, which is 46 kilometers (29 miles) to the east, Economy and Finance Minister Amadou Ba told reporters in the city on Friday. The deal followed after pledges of 197 billion francs from the Islamic Development Bank and 133 billion francs from France, Ba said.
The government will contribute a further 124 billion francs, Ba said.
The rail projects forms part of the government’s Emerging Senegal plan announced in 2014 to promote investment in the West African nation whose economy expanded by 6.6 percent last year, according to World Bank data.