IN THE FIELD
“It is not just finance that makes a project succeed. It’s the human being who is managing this resource. This is crucial.”
Mourad Bouaouina, Director, Public Sector Operations, OPEC Fund
The OPEC Fund has provided close to US$700 million in public sector and US$45 million in private sector loans.
Through its activities in Senegal, the OPEC Fund has its finger on the pulse of the country’s needs. A major challenge is rapid urbanization. The metropolitan area of the capital Dakar, with 3.8 million inhabitants, is home to more than a fifth of the country’s population – yet covers just 0.3 percent of the state’s territory. According to the UN, the country’s urban population has grown from 23 percent in 1960 to over 50 percent in 2024. One response must be “to enhance living conditions outside urban areas,” Mr. Bouaouina said. Better transport infrastructure is an important way to connect rural areas with the cities, facilitate the flow of goods and open up business opportunities. Senegal is now building a 200 km highway between Dakar and Saint Louis, an industrial hub in the north of the country.
they wouldn’t dry out. Today, I am running a commercially successful papaya production.” Because of the program’s accomplishments, a second phase has been agreed. The OPEC Fund approved a US$25 million loan in 2025, with signing pending. The benefits go beyond agriculture. Mamadou Mané, President of the Kakatan Cooperative in Sédhiou, underlined: “With these developments, our youth now have enough to live better here instead of going out to sea trying to cross over to Europe.” The OPEC Fund’s cooperation with Senegal dates back to a first balance of payments support loan signed in February 1977. Over the years, the OPEC Fund has provided close to US$700 million in public sector and US$45 million in private sector loans, as well as more than €260 million in trade
finance. The main sectors of engagement are agriculture and transport infrastructure. At present, eight projects are ongoing, of which five are expected to be completed by the end of 2026. Mr. Bouaouina served as Country Manager for Senegal from 2014 to 2023. He praised the country’s development progress and strong sense of taking its destiny into its own hands: “We can clearly see that the country is moving forward.” One factor, he said is decisive for a successful project: “I have been in this business quite a bit and from what I have seen, it is not just finance that makes a project succeed. It’s the human being who is managing this resource. This is crucial. I have seen countries making very little out of a lot of financing, and others who made a lot out of very little. The key is how you manage your resources.”
Alongside the OPEC Fund, fellow members of the Arab Coordination Group, AfDB, as well as several West African institutions are involved in this major highway project: “Our lot is 95 percent finished,” reported Ms. Walden. “I am impressed by the quality of the work done,” added Mr. Bouaouina. Here again strong leadership, close relationships and constant monitoring are key: “There is not a single day in the office when I am not on the phone to teams on the ground,” Ms. Walden said. A truly special relationship.
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