Senegal partners with European investment bank to boost agricultural sustainability

The partnership, backed by the European Union, aims to enhance sustainable development within the country’s agricultural value chains, strengthening Senegal’s food sovereignty.

The agreement is set to benefit over 3,000 workers across Senegal’s agricultural sector, focusing on key areas such as cereals, horticulture, peanuts, and cashew nuts.

According to a statement received by APA, the initiative will not only boost local production capacity but also promote sustainability throughout the value chains.

A notable feature of the partnership is LBA’s commitment to allocate at least 30% of the loan towards green and climate-focused initiatives.

“The bank aims to significantly contribute to the resilience of the Senegalese economy against climate shocks,” said Fatma Fall Dieye, the Managing Director of LBA.

Gender equality is another priority of this collaboration, with a pledge to dedicate at least 30% of the funding to women-led projects, thereby enhancing their participation in the economy and reducing gender disparities.

EIB Vice-President Ambroise Fayolle highlighted the importance of this partnership in supporting the growth and sustainability of agricultural value chains.

“This collaboration is crucial for fostering improved production and sustainability in Senegal’s agricultural sector,” Fayolle remarked.

Jean-Marc Pisani, the European Union Ambassador to Senegal, noted that this project aligns with the EU’s Global Gateway strategy, which aims to support key sectors that drive inclusive economic growth and sustainability.

“This initiative exemplifies our commitment to strengthening sustainable and critical sectors that underpin inclusive economic growth,” Pisani stated.

Through this partnership, LBA will be able to offer more favorable financing conditions to its clients, including extended loan terms and multi-year seasonal loans tailored to the specific needs of the agricultural sector.