Senegal : Africa Finance Corporation to invest $54.4 million in Sangomar oilfield development

Africa Finance Corporation (AFC), one of the continent’s leading providers of financial solutions for infrastructure projects, announced on August 18 that it will invest $54.4 million in the development of the Sangomar oil field in Senegal.

The investment is designed to support and stimulate growth in the West African nation’s oil and gas sector. In concrete terms, it should contribute to the start-up of the initial phase of the field’s development plan, supporting the extraction of the first volumes of hydrocarbons hosted at the site, estimated at around 500 million barrels of crude oil.

Senegal joined the AFC as a member in 2019. Since then, the financial institution has played an important role in building infrastructure in the country, in this case in the energy sector.