The Islamic Corporation for the Insurance of Investment and Export Credits (ICIEC) and Standard Chartered have teamed up at COP28 to provide $111 million for solar electrification in Senegal. The project will see the installation of 50,000 off-grid solar powered streetlamps in Senegal’s rural areas.

 

For this a Non-Honouring of Sovereign Financial Obligation (NHSFO) agreement was signed between ICIEC, a multilateral credit and political risk insurer and a member of the IsDB Group, and Standard Chartered, a leading international cross-border bank.

 

The agreement was officially signed by Oussama Kaissi, CEO of ICIEC, and Sunil Kaushal, CEO of Standard Chartered, Africa and the Middle East. This ambitious project 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.

 

Sustainable development

Kaissi said: "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."

 

Kaushal said: “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.”--TradeArabia News Service