The operating budget of AIBD SA for the year 2024 amounts to 22.025 billion FCFA and the expected revenues are estimated at around 7 billion FCFA, resulting in a deficit of 15 billion FCFA not taking into account the investments of the air hub including the need is 296 billion FCFA.
As part of the implementation of the “2021-2025 air hub of Senegal” strategy, the State of Senegal, to support the achievement of this ambition, has made available to the AIBD SA Company various credit advances for a total of 240 billion FCFA, the details of which are as follows:
* 100 billion FCFA in February 2022 to start urgent Air Hub projects.
* 116 billion FCFA in May 2022 to repay the outstanding long-term financing of 2011, in order to release the pledged RDIA for the benefit of the banks and to mobilize a new loan.
* 13 billion FCFA in December 2022 to cover overdue accounts from AIBD SA partners; this amount was fully refunded.
* 11 billion FCFA in July 2023.
That is to say a disbursement of 81% while the physical progress of the work on all the Air Hub projects does not reach 35%, it is an unprecedented scandal. In terms of good project management, the basic rule is that the disbursement and physical progress curves are adjacent. So this strong discrepancy results from the consecutive poor financial management of Mr Doudou Ka and Abdoulaye Dièye.
To repay the on-lending credits, the Ministry of Finance and Budget and AIBD SA approached Standard Chartered Bank and Société Générale Sénégal as arrangers and other banks and financial institutions as lenders to conclude a bank financing (medium-term) of 196,595,700,000 FCFA (299.71 million euros) for a period of 7 years.
Following the disbursement of the Medium Term Financing lenders of the full amount of the loan, in March, April and May 2024, the amounts reimbursed to the State of Senegal amounted to 188,976,255,453 FCFA on June 1, 2024.
The difference, which amounts to 7.6 billion FCFA, is attributable to the payment of commissions as well as various fees and costs linked to the establishment of this financing.
There remains a balance to be reimbursed to the State by AIBD SA in the amount of 37 billion FCFA.
It’s the strategy of “I’ll lend you to steal it and you’ll borrow to pay me back and I’ll leave you with the debt.”
This is the economics of the catastrophic financial situation in which Doudou Ka and Abdoulaye Dièye left AIBD.SA without taking into account the plethora of agents inflating the payroll to 2.9 billion annually.
Unfortunately this is what often happens when the thieves shout louder than the Jubanti actors.
Pape Abdourakhmane Dabo
Public Works Engineer, Executive of Pastef, PCA AIBD.SA
