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· The World Bank’s Board of Executive Directors approved recently a US$125 million financing to support Senegal to improve the competitiveness of select segments, such as Micro, Small, and Medium Enterprise (MSME) capabilities, and private sector investment in the country
· The project aims to support Senegal’s economic recovery from COVID-19 by creating jobs and economic rejuvenation after the pandemic.
· The project will also support the private sector in the country, which is at a nascent stage.
· The Senegalese economy has been severely impacted by COVID-19
The World Bank’s Board of Executive Directors approved recently a US$125 million financing to support Senegal to improve the competitiveness of select segments, such as Micro, Small, and Medium Enterprise (MSME) capabilities, and private sector investment in the country.
The project aims to support Senegal’s economic recovery from COVID-19 by creating jobs and economic rejuvenation after the pandemic. The project will also support the private sector in the country, which is at a nascent stage. The Senegalese economy has been severely impacted by COVID-19.
The program will support both small informal firms and more formal SMEs through dedicated channels such as partial credit guarantee scheme, access to long term finance and matching grants for technology adoption and productivity upgrading as well as value chain-level competitiveness reinforcements. The project also would lay emphasis on accelerating exports and MSMEs’ productivity, technology adoption and importantly extending adequate credit to them.
