The Board of Directors of the African Development Bank (AfDB) Group approved, on November 27, 2024 in Abidjan, a loan of 73.72 million euros intended for Senegal for the implementation of the second phase of the Project supporting and promoting the entrepreneurial initiatives of women and young people.
This loan is in addition to a grant of 841,000 euros from the African Women’s Finance Initiative, an AfDB program aimed at closing the financing gap for women entrepreneurs on the continent, bringing the total financing of the Bank Group at 74.54 million euros, or 45.6% of the overall project cost, reports Dakaractu.
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The government of Senegal will contribute 38.11 million euros, while the French Development Agency (AFD) will contribute 25 million euros. In addition, commercial banks, microfinance institutions and other private partners will participate in the co-financing with an envelope of 25.8 million euros, aimed at supporting micro, small and medium enterprises (MSMEs) led by young people and women.
Mohamed Chérif, head of the African Development Bank country office in Senegal, explained that “this second phase is specifically designed to benefit young people aged 15 to 40 and all economically active women. Its objective is to support the implementation of the job creation strategy for young people and women through the promotion and development of entrepreneurship.”
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This project will improve access to finance for youth- and women-led MSMEs, in collaboration with partner financial institutions such as commercial banks and microfinance institutions. It also includes strengthening the technical capacities of entrepreneurs through specific training: business training, business creation, as well as post-creation monitoring. Support will be provided for developing business plans, business management and improving the quality of products, including environmentally friendly ones.
This initiative is part of a desire to support economic development and strengthen female and youth entrepreneurship in Senegal, thus contributing to job creation and the diversification of the national economic fabric.
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