AfDB pledges $1.4 billion for Senegal from 2016-2020

AfDB pledges $1.4 billion for Senegal from 2016-2020

Sept 19, 2016: The Board of Directors of the African Development Bank (AfDB) has approved the Country Strategy Paper for Senegal for the next five years (2016-2020). According to the new strategy, support to agricultural transformation and strengthening of production and competitiveness support infrastructure (energy and transport) are key to the development of the country. The AfDB has pledged an estimated $1.4 million in funding for 2016-2020. There are also additional funding possibilities offered throughAfrica50, the Africa Growing Together Fund, and trust funds such as the Global Environment Fund and the Fund for African Private Sector Assistance. This funding follows on from the AfDB’s operations since 1972. Since then the AfDB has approved a total of 95 operations in Senegal amounting to a total of 1,200 billion CFA francs. The scale of the Bank’s commitment is an example of the robust partnership formed between Senegal and the Bank thanks to more than four decades of cooperation. The new strategy is aligned with the Emerging Senegal Plan (Plan Sénégal Emergent, PSE), the country’s Development Strategy (2014-2035) and its Priority Action Plan 2014-2018. It is also aligned with the AfDB’s Ten Year Strategy, especially inclusive and green growth with a particular focus on the High 5s: Light up and power Africa, Feed Africa, Industrialise Africa, Integrate Africa, and Improve quality of life for the people of Africa. It will support several of the PSE’s flagship projects in the sectors of "agriculture, agro-industry and fishing products", "regional logistics and industrial hub" and "energy and transport". It will also support agro-hubs, the Emergency Community Development Programme, the Regional Express Train, the promotion and modernisation of towns, and the "strategic implementation, monitoring and assessment of the PSE".

Furthermore, as part of the US $1.4-billion pledge, the Board has approved a budget support of US $48.4 million for 2016, aimed at helping the efforts of Senegalese authorities in implementing the Emerging Senegal Plan (PSE), especially the programme to assist local development reform in the country in support of the Emergency Community Development Programme.

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