German Cooperation announces grants ranging from 426 million to 3 billion FCFA

German Cooperation announces grants ranging from 426 million to 3 billion FCFA
German Cooperation announces grants ranging from 426 million to 3 billion FCFA

German Cooperation has launched a new call for investment proposals aimed at supporting high-impact projects in terms of sustainable job creation in Senegal. During a meeting held this Tuesday, in the presence of Mabouba Diagne, Minister of Agriculture, Food Sovereignty and Livestock, Sönke Siemon, German Ambassador to Senegal and Lisa Steinacher the details of this call were revealed.

The Investment for Employment Facility (IFE), a subsidiary of the German KfW Development Bank, announces grants ranging from 650,000 euros (426,989,790 FCFA) to 5 million euros (3,284,296,205 FCFA). ), in the form of donations, to co-finance public or private projects selected through a competitive process. “An essential criterion for the selection of projects is that they contribute to the creation of sustainable jobs allowing access to the social protection system,” underlined Lisa Steinacher, director of the Kfw office in Dakar.

The amount of the subsidy will represent between 25% and 90% of the overall volume of the planned investment. Applications will be open from May 15 to July 1, 2024, aimed at private companies, public entities as well as non-profit organizations, whether they apply individually or within a consortium.

This German initiative aims to support high-impact projects that struggle to find full funding elsewhere, with a clear objective of promoting the creation of quality jobs giving access to social security in Senegal.

“Since the launch of this initiative, four calls for projects have already been organized in Senegal, resulting in the approval of three major investment projects, such as La Laiterie du Berger, ENERGECO and DOMITEXKA, while three other projects are currently currently under examination, these projects, in the agri-food, textile and professional training sectors in renewable energy sectors, represent a total investment of 15.6 million euros, of which approximately 9.4 million. euros are co-financed by the IFE They should enable the creation of more than 5,200 jobs,” added Ms. Steinacher.

For his part, Sönke Siemon, the German ambassador to Senegal, underlined his country’s commitment through this initiative, declaring that “Germany wants to contribute to the creation of quality jobs, which provide access to social security, here in Senegal.” He also added that this initiative acts directly by offering donations to support high-impact projects.

The Minister of Agriculture Mabouba Diagne expressed his satisfaction with Senegal’s involvement in this initiative, stressing that the country is one of the four beneficiaries of this call for project proposals, alongside Morocco, Rwanda and from Ivory Coast. He also praised the potential of these subsidies, enabling growing Senegalese companies to increase their production capacity and create jobs.

“These subsidies should enable growing Senegalese companies to increase their production capacity and create jobs. I often say, we have to earn money, but we have a duty to create jobs. Senegalese youth and the Diaspora as well as people who have a little means in Senegal, I call on you to create jobs and the IFE is an excellent opportunity that I welcome and support,” said Mr. Diagne.

​This call for investment proposals represents a significant opportunity for the economic and social development of Senegal, thanks to the financial and technical support of German Cooperation via the Investment for Employment Facility, as part of the Special Initiative “Decent employment for a just transition”.

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