The Islamic Development Bank (IDB) Group and Senegal have signed agreements amounting to $144 million for the financing of three projects in Senegal.

The agreements were signed by Ahmad Mohamed Ali, president of the IDB Group, and Amadou Ba, minister of economy and finance of Senegal at King Fahd Palace Hotel in Dakar, on the sidelines of the IDB Group High Level Regional Forum (HLRF), which is being held as part of the 40-year celebrations of the IDB.

The agreement was signed shortly after the opening ceremony of the HLRF in the presence of Senegalese Prime Minister Aminata Toure.

Ali thanked the government of President Macky Sall for its hospitality and support to the IDB Group.

The three projects are the Floods Impact Mitigation Project in Dakar for which IDB will provide $39 million, the Building Resilience to Recurring Food Insecurity Program for which IDB is financing $26 million, and the Northern Dakar Sanitation Improvement Project where IDB will provide $79 million.

Ba expressed his appreciation to IDB for organizing the forum in Dakar.

Since Senegal joined the IDB in 1976, its cooperation with the bank has been growing steadily. Over the years, the IDB Group has approved a total of $1,229 million for Senegal. This consists of 106 operations in project financing activities amounting to $869.2 million, seven Special Assistance operations for $14.2 million, trade financing for $282.60 million from the International Islamic Corporation for Trade Financing, $31.5 million from the Islamic Corporation for the Development of the Private Sector (ICD) and $31 million from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).