Luc Morio, CEO of Orabank Senegal, spoke to African Energy Series: Senegal 2020 about how
Orabank’s local branch in Senegal is looking to increase its operations in the energy sector,
especially in the power field where it already has extensive experience.
What are Orabank’s prospects for the evolution of the Senegalese economy by 2021? And
what are the opportunities on the Senegalese market in terms of economy and finance?
The first tremors from the nascent oil and gas industry are being felt. Many international
customers and local subcontractors consult us for their contract. The local ecosystem is
strengthening, and we anticipate good prospects for our activities. Orabank Senegal is a
member of Invest in Africa, which is the platform launched at the initiative of the main oil
and gas operators to boost local content. We believe that Senegal has the potential to
promote local content. It is more than a concept; it is a belief since there is already a
network of quality companies. This is the reason why at Orabank Senegal, we are
strengthening our organization, with new account managers and a business center that will
be dedicated to this type of clientele. We are also planning several developments in the
field of international operations.
What are the main priorities for Orabank in Senegal in terms of support to further
accelerate the development of the country’s energy sector?
Our priority is to meet all the needs of the public and private sectors. We regularly support
SENELEC, a public company, on important projects which require financing guarantee lines,
such as the Taiba N’diaye wind power plant developed by Lekela. We also support the entire
local economic network and projects requiring heavy investments in equipment and pre-
financing. We are also working alongside independent power producers (IPPs) and
promoters in the energy sector. We have three levels of intervention: private companies
which are subcontractors, the public sector, which is the prime contractor, and finally the
producers themselves.
In which sectors does Orabank plan to acquire new customers?
Companies like SENELEC, Akilee, or Proquelec have a lot of projects and we have many
opportunities in the power sector. Individuals and businesses have high electricity needs.
This request is therefore immediate. Electricity projects have strong growth potential. In
addition, they create value.
The mining and petroleum sector are also promising sectors. Beyond the sources of income
that this represents, compliance to meet international standards also constitutes a lever of
innovation for the country’s economy.
What would be your final message for investors regarding Senegal as an investment
destination in order to consider Orabank as a local partner who knows the market and can facilitate their operations?
Senegal is an attractive destination. The country’s economy is driven mainly by the Plan
Senegal Emergent (PSE) – aiming for economic emergence by 2035, agriculture and external
demand, which allows the country to record growth of around 6%. The emergence of the oil
and gas and mining sector should further accelerate Senegalese growth with potential
economic spinoffs in favor of neighboring countries. The Mauritania, Senegal, Gambia,
Guinea Bissau and Guinea Conakry basin covers several countries of which Senegal
constitutes the pole of attractiveness. Indeed, it concentrates skills and as a local banking
player, we are there to support Business customers. The award we received last year is a
testimony to our performance. It firstly rewards regular and growing financial performance
and is also the recognition of the relevance of the important transactions carried out in the
country. Over 12 months, we tripled our progress on international operations. Finally, we
present this double feature: a local bank with international skills and a regional player that
operates with the largest banks internationally.
