In this letter of intent, CDB and AFD undertake to finance the project, upon request from Senegal, the beneficiary country, following the best environmental and social standards, and respecting the Senegal’s procurement rules and regulation.
The proposed co-financing will be compliant with the terms of the Memorandum of Understanding, signed between CDB and AFD in January 2018, which aims at further strengthening the cooperation between the two major Chinese and French development finance institutions, on both strategic and operational levels, and on a bilateral basis as well as in the framework of the International Development Finance Club (IDFC) –the leading group of 26 national and regional development banks from all over the world, a majority active in emerging markets. IDFC is the largest provider of public development and climate finance globally, with US$ 4 trillion in combined assets and annual commitments above US$ 600 billion, including US$ 150 billion per year of climate finance. Through IDFC, and in close partnership with other development bank networks, members join forces as a platform to promote and leverage sustainable development investment worldwide). In particular, CDB and AFD will join forces to better align their mandate with the Paris agreement objectives on Climate and with the 2030 Agenda of the Sustainable Development Goals, develop strategic dialogue and joint research programs and promote co-financing operations in third countries following the best standards.