Senegal: Remarks by Secretary of the Treasury Janet L. Yellen at Weldy Lamont Groundbreaking of Rural Electrification Mission

Senegal: Remarks by Secretary of the Treasury Janet L. Yellen at Weldy Lamont Groundbreaking of Rural Electrification Mission

Dakar — As Ready for Supply

Thanks very a lot for becoming a member of me right here at the moment.  Breaking floor on this mission is a crucial marker of the progress we’re making on electrification throughout Africa and the world.

Senegal has among the many highest charges of electrification throughout Sub-Saharan Africa, estimated at between 70 and 80%.  But important disparities between city and rural entry to electrical energy stay.

These gaps can hinder alternative for households and companies in areas in any other case ripe for financial improvement.

Increasing electrical energy to disconnected areas helps folks begin new companies, provides kids entry to new instructional sources, and facilitates residents’ entry to fundamental providers.

Merely put, this groundbreaking will create the next high quality of life in lots of communities, and it’ll assist Senegal’s economic system develop and prosper.  It can additionally assist Senegal get one step nearer to its purpose of common electrical energy entry by 2025.

A key focus of my journey to Senegal and two different international locations in Africa is to debate methods through which the U.S. and the continent can accomplice collectively to learn each of our economies.

It’s exhausting to think about a greater instance than the mission we’re breaking floor on at the moment.

This mission consists of extending energy to households and companies that in the end will see greater than 350,000 folks safe dependable electrical energy. And it consists of an essential renewable vitality component with a photo voltaic grid to energy 70 villages.

This mission demonstrates that we are able to broaden financial alternative in Senegal, in addition to in America. The work being completed is supported by an Illinois-based engineering and development agency – Weldy Lamont Associates – and can assist help roughly 500 American jobs in 14 U.S. states. Congratulations to all of the workers right here in Senegal and again within the U.S. who’ve made this milestone at the moment of breaking floor doable.

The US was happy to help this essential funding in Senegal by technical help from the usled Energy Africa initiative, capability constructing by the U.S. Company for Commerce and Growth, and a $91 million mortgage assure from the Export-Import Financial institution.

Our engagement on this mission – and certainly on so many tasks throughout Africa – shouldn’t be transactional, for present, or for the short-term.

Our purpose is to additional deepen our financial relationship and to spend money on increasing vitality entry in a method that makes use of renewable sources unfold throughout the continent.

With this method, Senegal can depend on vitality sources which might be inside its borders, price efficient and never susceptible to volatility in costs. And we’re nicely underway.

This mission builds upon the legacy of Energy Africa which has helped join 165 million folks to dependable electrical energy throughout Africa.

Since 2021, the U.S. Authorities has helped facilitate greater than 800 two-way commerce and funding offers throughout 47 African international locations – for a complete estimated worth of over $18 billion.

The U.S. authorities continues to play a important function in catalyzing sustainable vitality infrastructure investments.

Together with our G7 companions, we launched the Partnership for International Infrastructure and Funding, or PGII, a values-driven, high-impact, and clear partnership to assist meet the infrastructure wants of low- and middle-income international locations.

With essentially the most acute infrastructure wants of any area, Africa is a precedence area for PGII.

Companions throughout the U.S. authorities engaged on supporting infrastructure improvement by the PGII are deeply engaged within the area and saying new tasks and initiatives on a rolling foundation.

The US is right here as a accomplice and good friend for the lengthy haul.  This mission is only one small – but impactful – instance of a broad and deep partnership.

Thanks very a lot.

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