August 9, 2011 / 3:34 PM / in 6 years

Islamic Bank loans Senegal $95 mln for power unit

* Loan to fund purchase of new 70 MW power unit

* Part of move to end worsening power cuts

DAKAR, Aug 9 (Reuters) - The Islamic Development Bank has agreed on a 67 million euro ($95 million) loan to Senegal to help finance the purchase of a power generator to fight chronic shortages, an official said on Tuesday.

“The loan will help Senegal acquire a new power unit of 70 megawatts,” said Amadou Lamine Sy, senior official at the country’s international cooperation ministry.

The loan from the Jeddah, Saudi Arabia-based bank is part of Senegal’s broad “Takkal” plan, which aims to invest about 1 billion euros to end the electricity crisis, which has led to riots and hampered business and growth.

Senegal President Abdoulaye Wade, who will seek another term in elections set for February, has faced rising criticism over the government’s slow progress in solving power cuts.

$1 = 0.705 Euros Reporting by Diadie Ba, editing by Jane Baird

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