(Ecofin Agency) - Senegal plans to raise between $500 million and $1 billion on international markets in 2016 to finance development of infrastructures and accelerate the growth of its economy, President Macky Sall said in an interview published on May 17 by Bloomberg.

“This year, we will surely go on international markets,” he said highlighting that the money will be raised through the issuance of a Eurobond, a Sukuk or a samurai bond. “The money raised will be solely used to finance infrastructure projects such as road construction and produce electricity. However, some part could be invested in education and health projects,” added Sall.

In 2015, Senegal’s government said it renounced to raisng $500 million on the international debt market due to higher borrowing costs resulting from turmoil in financial markets and prices of commodities falling. However, the International Monetary Fund’s (IMF) in its latest report said Senegal’s economy should grow by 6.6% in 2016. This is this highest growth rate in Sub Saharan Africa (SSA) behind Cote d’Ivoire’s and Tanzania’s, according to IMF’s forecast.

South Africa is presently the only country in SSA that has solicited the international debt market, since the beginning of the year. The rainbow nation has indeed issued on April 7 a $125 billon Eurobond with a rate of 4.875%.