The Islamic Corporation for the Insurance of Investment and Export Credits (ICIEC) signed an agreement with international bank Standard Chartered in Dubai last week, mobilizing funding for the development of a $111-million, off-grid solar street light project in Senegal.
Through the sustainable development finance package, Senegal’s Ministry of Finance will facilitate the procurement and installation of 50,000 solar street lights. The lights will be installed across various rural communities in the country and align with efforts by the Senegalese Government to accelerate the adoption of renewable energy.
“This initiative is not just about illuminating streets; it is about empowering communities, enhancing safety and sparking economic growth in rural areas. By harnessing the power of solar energy, we are taking a significant step towards energy independence and security in Senegal, aligning perfectly with Sustainable Development Goals 7, 11, 10 and 17,” Oussama Kaissi, CEO of ICIEC, stated.
Sunil Kaushal, CEO of Standard Chartered Africa and Middle East, added: “Our continued partnership with ICIEC has supported strategic infrastructure projects in Senegal, making it the first green loan provided by the bank to the Republic. The installation of solar-powered street lamps will uplift the lives of local communities while supporting the Senegalese Government’s climate goals.”