The African Development Bank (AfDB) has approved a €73.72 million loan to support the second phase of Senegal’s initiative to enhance entrepreneurship among women and youth.
The announcement, made on November 27, 2024, in Abidjan, also includes an additional €841,000 grant from the AfDB’s Affirmative Finance Action for Women in Africa (AFAWA) initiative.
The combined funding of €74.54 million aims to address financing gaps for entrepreneurs on the continent.
This project will be bolstered by contributions of €38.11 million from the Senegalese government and €25 million from the French Development Agency (AFD), representing 45.6% of the project’s total budget.
Targeting Young Entrepreneurs and Women
A key component of the funding—€25.8 million—will come from commercial banks, financial partners, and microfinance institutions.
This co-financing is dedicated to supporting structured entrepreneurial initiatives led by micro, small, and medium-sized enterprises (MSMEs) run by women and young people aged 15 to 40.
“This second phase is specifically designed to benefit economically active women and young people within this age range,” said Mohamed Chérif, AfDB’s country manager in Senegal.
“The goal is to implement strategies for job creation through the promotion and development of entrepreneurship.”
Empowering Small Businesses and Building Capacities
The initiative aims to facilitate access to secure financing for MSMEs, particularly those led by young entrepreneurs and women, through partnerships with commercial banks and other financial institutions.
The project also includes robust capacity-building measures, such as training in business creation, sector-specific skills, and post-creation business management.
Participants will receive assistance in developing business plans, managing operations, and improving product quality, including eco-friendly and green products.
This comprehensive approach not only empowers entrepreneurs but also strengthens Senegal’s broader economic framework by fostering a sustainable and inclusive business environment.
