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Senegal gets $436m funding to boost trade with Arab nations

Plant, Soil, Person REUTERS/Zohra Bensemra
The annual financing plan is part of a $1.5bn five-year framework signed to support the private sector

The International Islamic Trade Finance Corporation has signed a $436 million financing plan with Senegal and a two-year programme to boost the country’s trade with other African and Arab nations, it said on Monday.

The annual financing plan is part of a revised $1.5 billion five-year framework agreement signed in 2021 as part of the corporation’s support for agriculture, energy, health and the West African nation’s private sector, it said in a statement.

The corporation is a member of the Islamic Development Bank Group. Since it was founded in 2008 it has provided more than $1 billion to Senegal in the form of financing and trade facilitation programmes.

It also signed a Arab Africa Trade Bridges country programme with Senegal, which will focus on boosting production capacity and trade promotions in agro-food, pharmaceuticals, e-commerce and other sectors.

“The AATB country program covers the rolling out of trade projects and supports high-potential sectors in line with the implementation of the African Continental Free Trade Area (AfCFTA) agreement,” the statement said.