Browsing: Senegal

Senegal is becoming one of the most exciting oil and gas plays to emerge in recent years in sub-Saharan Africa´s largely underexplored oil and gas sector.

The country may be a relatively new player in terms of production coming on stream, but in fact, oil and gas exploration has been taking place in the country as far back as 1961.

It was only until major world-class offshore oil and gas discoveries were made in 2014-2016 that global energy investors began to truly realize the huge potential of the MSGBC Basin, which comprises the offshore waters of Mauritania, Senegal, The Gambia, Guinea-Bissau and Guinea-Conakry.

Prior to the large-scale discoveries, Senegal was already maneuvering into a good position to capitalize on its hydrocarbon wealth thanks to the leadership of H.E. President Macky Sall who was a former Director General of the state-owned oil company PETROSEN.

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Eramet Group’s subsidiary Grande Côte Opérations (GCO) has signed a Memorandum of Understanding with CrossBoundary Energy for the construction of a 13 MW hybrid solar power station with 8 MW battery storage in Senegal.

This comes at a time when Senegal is emphasizing the role renewable will play in the country and has set up ambitious targets to reach universal access to electricity by 2025, achieve 200GWh of hydro power production, and have renewable make up 30 percent of the power mix by 2025.

In a statement, CrossBoundary said the solar power station is dedicated to the Diogo industrial site (north-western Senegal) for the production of mineral sands, and is scheduled to be commissioned in early 2023.

Its renewable energy is expected to help improve GCO’s carbon footprint and reinforce its ISO 50001 approach.

“This is a first that reinforces the company’s commitment to the climate, in line with that …

African Ministers and Heads of Delegation of Ministries in charge of Housing and Urban Development, African Finance Ministers, the Directors and Management of Shelter Afrique, and representatives of international, regional and national institutions, the private sector and civil society, have agreed to enhance mechanisms for the mass production of decent and affordable housing in the continent to achieve social and economic development.

During a three-day summit at the 40^th Annual General Assembly of shelter-Afrique that was held in Yaunde Cameroon, the participants resolved to address the challenges that have hindered the efforts to provide decent and affordable housing in Africa.

In a research concluded by the Shelter-Afrique, a pan African housing finance and development institution, shows that the overall shortage of housing in Africa is estimated at 56 million housing units with out of this, more than 90 per cent are in affordable housing bracket.

The Managing Director …

With a favorable geographical position on the westernmost point of Africa, an abundance of natural resources, and strong political leadership and stability, Senegal is set to transform its economy through the development of its energy sector. The country is endowed with vast natural resources, including significant natural gas reserves and renewable energy sources, and has committed to the diversification of its energy mix to meet rising energy and electricity demand.  With a clear presidential vision in which the energy sector is seen as a key driver of economic growth, H.E. President Macky Sall is pursuing increased investment in Senegal’s growing energy industry. Through the promotion of an attractive business environment, the implementation of industry supportive regulation, and an integrated sectoral approach, H.E. President Sall is transforming the country into an energy hub.

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Senegal boasts immense oil and gas discoveries …

Analysts at the African Trade Insurance Agency (ATI) annual roundtable noted that Africa is expected to see a subdued economic recovery in 2021 and not likely to reach 2019 growth levels until 2022.

The ATI virtual discussion hosted Uganda, Ghana and Senegal, international financial partners and risk analysts to discuss the most urgent risks and mitigation solutions.

During the virtual meeting, ATI’s newly appointed Chief Executive Officer, Manuel Moses emphasized the importance of partnerships that will help African economies recover from the pandemic. He also said that ATI with the support of partners like the European Investment Bank and the African Development Bank, it plans to go through rapid membership expansions so as to lend more support to the most vulnerable economies.

One of the striking features of the impact of the pandemic that was revealed as a key factor that should guide the continent’s recovery is that the pandemic …

AfCFTA must be an engine for growth as much as an engine for inclusion.…

The Senegalese capital of Dakar is hosting Africa Day 2020 with the European Investment Bank (EIB) and UN-Habitat presenting various opportunities for investors, with an aim of increasing levels of investment in the housing and habitat in the continent.

Africa Day gathers participants from Africa, Europe, and others parts of the world to debate the challenges and solutions for the continent in development, digitalization, sustainability, jobs for young people and many other areas. “Cities for people” is the main topic at EIB Africa Day conference.

More than 400 government ministers, business leaders, academics and civil society representatives, as well as mayors from across Africa, are sharing sustainable urban development best practice, confirm new investment across the continent and visit high impact projects financed by the EIB.

High-level speakers, from Africa and Europe, will attend Africa Day 2020 to share their experiences and expertise. EIB President Werner Hoyer, EIB Vice-President Ambroise …

After signing a deal with a Rwandan bank to build 2,000 affordable housing units, Shelter Afrique is heading to Senegal in West Africa for a similar deal.

The Pan African housing developer has signed a US$11.6 million line of credit with Senegal’s Teyliom Group for the construction of affordable housing units.

Shelter Afrique says the money will go toward the development of affordable housing with the world-class Diamniadio Lake City (DLC).

The deal with Teyliom Group is the first significant project Shelter Afrique has embarked on in Senegal since 2016 and is the second transaction the Company is making with the Teyliom Group.

When complete, the project is expected to deliver large-scale affordable housing of 3,439 units with selling prices starting at US$26,000 for more than 20,000 individuals and create more than 3,000 jobs, with a sizeable number of those being held by women.

The high-density estate has been designed …