ICIEC & Standard Chartered join hands to fund solar projects in Senegal

By Arya M Nair, Official Reporter
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ICIEC_Standard Chartered partnership
Rep.Image | Courtesy: ICIEC

The Islamic Corporation for the Insurance of Investment and Export Credits (ICIEC), a multilateral credit and political risk insurer and a member of the Saudi Arabia-based IsDB Group, and Standard Chartered, a leading international cross-border bank, have signed a Non-Honoring of Sovereign Financial Obligation (NHSFO) agreement.

This pivotal agreement, signed at COP28, represents a major step in sustainable development and will support the funding of a key project for the Senegal government’s Ministry of Finance aimed at procuring and installing 50,000 off-grid solar powered streetlamps across Senegal’s rural areas signifying substantial progress in the nation’s pursuit of renewable energy.

The agreement was officially signed by Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Sunil Kaushal, CEO of Standard Chartered, Africa and the Middle East. This ambitious project, valued at $111 million aims to harness solar energy to power streetlights across Senegal’s rural areas, improving the quality of life, and supporting economic activities reliant on consistent energy access.

It promises enhanced safety and security through well-lit streets, extending business hours, encouraging community gatherings, and fostering local economic growth. Environmentally, the project underscores the importance of reducing carbon emissions and adopting eco-friendly energy practices.

Oussama Kaissi_ICIEC_Standard Chartered partnership
Oussama Kaissi

“Our collaboration with Standard Chartered for the solar streetlight project in Senegal is a testament to our commitment to sustainable development in our member states. This initiative is not just about illuminating streets; it’s 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.”

Mr. Kaushal said that “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 streetlamps will uplift the lives of local communities while supporting the Senegalese government’s climate goals. The Bank will continue to drive the development of the AME region by identifying financing opportunities for key infrastructure projects across a range of sectors.”

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