The Africa Finance Corporation (AFC) has entered into a strategic partnership with the Senegalese government to bolster the growth of the Sangomar field, a resource-rich area with substantial potential for natural gas exploration.
The AFC has committed a substantial investment of €50 million into Senegal’s rapidly expanding oil and gas industry. This initiative is set to play a pivotal role in enhancing both energy availability and security within the nation, reflecting a key objective of this collaboration.
“We are pleased to support the development of the Sangomar field which we expect to have a transformative impact on the Republic of Senegal and its people though the reduction of import reliance, the generation of increased government revenues, the creation of local jobs and an overall contribution to accelerated industrialisation and economic development,” Samaila Zubairu, President & CEO of the Africa Finance Corporation said in a statement.
The investment aims to propel the initial development phase towards achieving the crucial ‘first oil’ milestone, pivotal for Senegal’s hydrocarbons sector progress. The facility will not only bolster Senegal’s economy but also align with its aspirations to emerge as a regional oil and gas industry hub. Additionally, it will yield substantial government revenues, foster local employment, and enhance energy security by decreasing reliance on imported resources.
