"Senegal to cancel \u20ac700m contract with Saudi firm"

" Senegal to cancel \u20ac700m contract with Saudi firm \r\n\r\n \r\n\r\nSenegal has hinted at plans to withdraw from a 700 million-euro contract with a firm from the Middle Eastern giants; Saudi Arabia.\r\n\r\nThis is part of the new administration\u2019s plan to pull out of deals they deem unfavorable signed under the former president. The Saudi deal in question involves the construction of a water desalination plant.\r\n \r\n\r\nOn Thursday, it was confirmed that the Saudi desalination project would be the first significant foreign agreement to be canceled since President Bassirou Diomaye Faye's inauguration in March.\r\n\r\n \r\n \r\n\r\nThe new Senegalese president had promised to examine and perhaps revoke agreements made by former president; Macky Sall whom he charged with undermining national sovereignty by selling off public assets for cheap.\r\n\r\n \r\n \r\n\r\nAccording to a report by\u00a0 Sputnik; the project which was signed between Saudi Arabia's Acwa Power and Senegal's state water company SONES is one of the country\u2019s largest private investments, and was intended to provide an estimated 400,000 cubic meters of water for the country\u2019s capital city; Dakar.\r\n\r\n \r\n \r\n\r\n\"This project no longer fits with the government's strategy options. We have decided not to pursue it,\" the country's water minister Cheikh Tidiane Dieye said in a statement to AFP.\r\n\r\n \r\n \r\n What the president Faye said \r\n\r\n \r\n \r\n\r\nThe president stated on television late Wednesday that Senegal will pay Acwa 20 to 40 billion CFA francs ($33 million) each year for water from the project, whose construction has yet to begin.\r\n\r\n \r\n \r\n\r\n\"The price of the water risks increasing because of the technology being used and the required environmental studies were not carried out,\" he said.\r\n\r\n \r\n \r\n\r\n\u201cIn three or four years we will need more than 400,000 cubic meters per day because the population of Dakar is growing,\u201d he added.\r\n\r\n \r\n \r\n\r\nAccording to President Faye, lawyers are currently looking at the possible legal consequences of pulling out of the deal, which he believes won't be too severe given the act that construction of the plant has not yet begun.\r\n\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n "

"Senegal to cancel \u20ac700m contract with Saudi firm"

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