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Senegal Gets $126 mln Loan for Power Projects
Wednesday, 27 July 2011 22:42
(Dakar) - The West African Development Bank (BOAD) said on Wednesday it had offered Senegal a 57 billion CFA francs
($126 million) loan to help the West African nation finance power projects."It is the first time that the bank is disbursing such an important sum for a single project," Christian Narcisse Adovelande, BOAD president told Senegal's state TV after meeting Senegal's President Abdoulaye Wade, late on Wednesday.
Senegal is facing a severe power crisis with outages lasting more than 30 hours in some neighbourhoods, and this has triggered street protests and riots.
Years of poor management and misdirected investment have left Senegal with one of the world's most costly and inefficient power sectors, based on diesel-run generators.
Wade's government has said it plans to invest nearly 1 billion euros on a long-term strategy to overhaul the country's power sector.
($1=452.3 Cfa Franc) (Reporting by Diadie Ba; writing by Bate Felix)
Source: (Reuters)
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