Supporting an improved access to health care in Senegal

For some years now, the State of Senegal has been trying to strengthen the existing health system to improve overall access to care. Indeed, the health sector is facing many problems with its infrastructure and equipment maintenance system. The existing equipment, sometimes deficient, leads to frequent breakdowns, thus compromising the continuity of the services needed by patients. 

As part of its Plan Sénégal Emergent (PSE), the State of Senegal wants to focus on the health of populations, which includes building new health infrastructure. 

Rebuilding the National Hospital Center in Dakar
In Dakar, the Aristide Le Dantec National Hospital Center, created in 1912, showed a state of degradation and difficult patient management conditions. In order to provide a high-quality infrastructure and equipment, the solution found to cope with this obsolescence was to rebuild the hospital. The decision was taken by the State with the aim of making it a medical hub in West Africa. 

Indeed, with a capacity of 660 beds, 15 operating blocks and equipment under international standards, the new National Hospital Center, the country's first monobloc design, will be able to reduce the pressure on other university hospitals and thus provide better health care coverage in Dakar as well as a new training centre for doctors. 

The reconstruction was entrusted to a Spanish consortium formed by Quantum Solutions Emerging Markets S.L. and Ghesa Ingeniería y Tecnología S.A. To finance this reconstruction, Societe Generale acted as Agent, Mandated Lead Arranger and Sole Lender to finance a €142 million loan labelled "Social Loan".  

A new public hospital with a capacity of 300 beds in Tivaouane
Outside Dakar, in certain regions where the population is growing steadily, the existing infrastructure no longer guarantees the care of the population. This is particularly the case in the department of Tivaouane, where the health care system must be strengthened. Therefore, a hospital infrastructure with a capacity of 300 beds will be built nearby Tivaouane, in the village of Yadjine. This new public hospital will be equipped with the latest generation of modern equipment and will have about 20 medical and surgical specialities including paediatrics, gastroenterology, nephrology and general surgery. 

The construction was entrusted to the French company Ellipse Projects and Societe Generale acted as Agent, Mandated Lead Arranger and Sole Lender to finance the project for €70 million. The financing was labelled "Social Loan" as the uses of proceeds are aligned with the eligible categories of the Social Loan Principles. The Senegal authorities have indeed agreed to add KPIs in the loan documentation aiming at assessing the positive impact for population and their access to health service in the region. 

With these two projects, 9 projects in total have been financed since 2017 by Societe Generale as Mandated Lead Arranger to the Senegalese Ministry of Economy, demonstrating Societe Generale's involvement in the country as well as its strong expertise in the health sector.
  

 Ellipse Projects is delighted to be working alongside Societe Generale to improve the healthcare network in Senegal. The challenge of rebuilding the Tivaouane hospital after the fire in 2022 lay in the need to deliver within a very short timeframe, so that the local population would not be deprived of access to healthcare. Over and above this aspect, various service activities have developed in the wake of the project, benefiting the economic fabric of Yadjine and the region. Around 700 jobs were created on the site, with some twenty local companies contributing as suppliers or subcontractors. 

 Olivier PICARD - CEO, Ellipse Projects

 As a Sovereign Wealth Fund, FONSIS is proud to be a major player in the development of Senegal's hospital infrastructure. Today, with these two hospital projects, a total of more than a thousand beds will be added to the capacity of our health services, which is a remarkable step forward in ensuring that everyone has access to quality health services. These hospital infrastructures - designed, financed and built with the help of our technical and financial partners - are today a showcase for the renewal of Senegal's healthcare system. 

 Aminatou BA FALL - Portfolio Strategy and Monitoring Manager, Fonsis

 To have the opportunity to work with Societe Generale. Their considerable in-country experience meant we were able to deliver the CESCE supported financing with efficiency for the Borrower. With a tight construction schedule, for the Client this meant we could progress with the Contract sooner. 

 Matthew SHIRES - Head of Structured Finance, Quantum Solutions Emerging Markets

 We are very proud to have been supporting Senegal for a number of years in implementing the emerging Senegal plan, which is accelerating the country's growth and economic development. These two modern, strategic hospitals strengthen access to inclusive healthcare and the vision of a Senegalese society based on solidarity. 

 Cécile CAMILLI - Global Head of Development & Structured Export Finance, Societe Generale