Senegal has received a $522 million syndicated loan to fund infrastructural development, according to Morocco’s second biggest lender, Banque Centrale Populaire (BCP), who brokered the deal.

The funds will be spent on construction and rehabilitation of airports, seaports and roads, a statement by BCP explained.

A report by African Development Bank (AfDB) estimated that Senegal grew at  3.7 percent in 2012, after a slowdown in 2011. The bank said it expects the growth to “continue in 2013 and 2014 thanks to new infrastructure programmes.”

According to BCP, of the $522 million raised by Senegal, African institutional investors provided $313 million. Banque Atlantique Senegal, Atlantique Finance and Upline group, all subsidiaries of BCP raised the remaining $209 million for the West African country.

A World Bank report on Senegal’s economic overview projects growth to accelerate to 5 percent by 2015.

“GDP growth is expected to be driven by continued momentum in domestic demand, whereas external demand is expected to build up gradually as structural constraints are addressed.”

Senegal’s president, Macky Sall, who was elected in March 2012 had since taken measures to improve the country’s economic fortune. His government’s move to fund infrastructural development is seen as a step in the right direction as it will increase the country’s GDP, according to the World Bank report.