The President of the African Development Bank (AfDB), Akinwumi Adesina, signed three financing agreements on January 27, 2022 with Amadou Hott, the Minister of Economy, Planning and Cooperation of Senegal before a parterre of partners and economic operators in Dakar. These cooperation and investment agreements are aimed at supporting economic recovery, accelerating industrialization and job creation in the country.
These are, according to the two parties, financing agreements relating to the Program of support and industrial acceleration in competitiveness and employment, intended for young people and women, the Program to open up agricultural and mining areas for phase I, both amounted to 117 billion CFA francs. The AfDB and Senegal have also signed a grant protocol for the business partnership intended for SMEs in the amount of CFAF 580 million.
“This financial support for Senegal will make it possible to create approximately 50,000 jobs and mobilize private investment through the capitalization of cooperation funds for public-private projects (PPP)”, commented the President of the AfDB.
Then to add: “this financing will also contribute to the increase in the production of rice and food self-sufficiency in cereals, to the increase in mining production (phosphate), and the improvement of the level of service of the social and economic infrastructure with the rehabilitation of 361.48 km of roads, the development of 112 km of modern roads and 6 km of pavement”.
Structured around four components, in particular the competitiveness of value chains, technical assistance, adoption of technologies and access to financing for micro, small and medium-sized enterprises, this support from the AfDB has not left the Senegalese authorities.
“I take this opportunity to salute this constant support in the search for solutions to the problems that challenge us. I would like to renew to you, President Adesina, the gratitude of the government and the people for the remarkable support that the AfDB is granting us in the implementation of our economic and social development policy,” said Senegalese Minister Amadou Hott.
According to AfDB data, its support for Senegal increased from $690 million between 2010 and 2015 to $1 billion from 2016 to 2020.
