At COP28 in the United Arab Emirates, The Islamic Corporation for the Insurance of Investment and Export Credits (ICIEC), a multilateral credit and political risk insurer, and Standard Chartered, a leading international bank, signed a Non-Honoring of Sovereign Financial Obligation (NHSFO) agreement.
This landmark agreement supports the funding of a crucial project for the Senegal government’s Ministry of Finance, aiming to procure and install 50,000 off-grid solar-powered streetlamps across Senegal’s rural areas, marking significant progress in the nation’s renewable energy pursuit.
The ambitious project, valued at EUR 103 million, focuses on utilizing solar energy to power streetlights in rural areas, enhancing the quality of life, and supporting economic activities reliant on consistent energy access. It promises improved safety and security through well-lit streets, extended business hours, community gatherings, and fostering local economic growth. The project aligns with Sustainable Development Goals 7, 11, 10, and 17, emphasizing energy independence, security, and eco-friendly practices.
Oussama Kaissi, CEO of ICIEC, highlighted the collaboration’s significance, stating, “This initiative is not just about illuminating streets; it’s about empowering communities, enhancing safety, and sparking economic growth in rural areas.”
Sunil Kaushal, CEO of Standard Chartered Africa and Middle East, emphasized the bank’s commitment to supporting strategic infrastructure projects in Senegal, making it the first Green Loan provided by the bank to the Republic. The installation of solar-powered streetlamps is expected to uplift the lives of local communities and contribute to the Senegalese government’s climate goals. The partnership reflects a shared dedication to sustainable development and a greener, more illuminated future for rural Senegal.
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