Senegal is one of 4 African countries to benefit from funding from international partners for the development of renewable energies. The country will receive 2.5 billion euros, or 1,637.5 billion CFA francs, to increase its energy mix to 40% by 2030, according to President Macky Sall, who yesterday took part in the Paris Summit on a new global financial pact.

As part of the Joint Venture for a Just Energy Transition (JETP), Senegal will be receiving substantial support from international partners. To develop its renewable energies, the country will receive €2.5 billion in funding. This will enable it to increase the share of renewable energy in installed capacity to 40% of its energy mix by 2030, President Macky Sall said yesterday. The Head of State was taking part in the Paris Summit on a new global financial pact. He stressed « the need to respect the commitments made on financing African economies, including the Joint Partnership for a Just Energy Transition (JPET), which has just selected Senegal as the 4th beneficiary country after South Africa, Indonesia and Vietnam, with a commitment to mobilise 2.5 billion euros ».

Jetp in Senegal is supported by France, Germany, the European Union, the United Kingdom, the United States and Canada. The President also called for funding for the Senegalese and African private sector.

Speaking at a panel on infrastructure financing and the private sector, the President of the Republic referred to « the challenges of financing infrastructure to promote development ». In his view, « this requires access to capital markets at sustainable costs, which in turn requires a reform of global financial governance, a review of investment risk perception criteria and a reduction in the cost of insurance premiums ».
Opened yesterday, the two-day Paris Summit for a New Global Financial Deal aims to « remobilise the international community around the crucial issue of financing for development and reform of the international financial architecture ».

By Dialigue FAYE / dialigue@lequotidien.sn

  • Translation by Ndey T. SOSSEH