AfDB approves €62mn loan to create 150,000 jobs for Senegalese women, young people

On December 10, the board of directors of the African Development Bank approved financing of 62.83 million euros to the government of Senegal. The objective of the bank is to implement the first phase of its project (titled PAVIE I) to support and promote the entrepreneurial initiatives of women and young people.

The financial support consists of a loan of 14 million euros from the African Development Fund and another loan of 48.83 million euros. billion CFA francs) from the African Development Bank window.

“PAVIE aims to support the Government of Senegal in its efforts to implement the PES to create decent jobs for young people and women through the promotion of entrepreneurship,” the Director General for West Africa, Marie-Laure Akin-Olugbade opined.

The 3-year PAVIE was designed on a demand-driven approach and implemented in coordination with the private sector, including banks and microfinance institutions. The project will finance the entrepreneurial initiatives of women and young people throughout the Senegalese territory, while providing technical support in terms of business and business management.

“Given the encouraging and promising results already achieved, the DER deserves support. The Bank's intervention will thus strengthen the DER approach based on the structuring of agricultural and artisanal value chains in order to have a multiplier effect on the employment and digital transformation of the supported companies, in order to increase more productivity and competitiveness,” the Deputy Director General for West Africa at the African Development Bank, Serge N'guessan said.

The project will finance over 14,000 entrepreneurial initiatives and generate or consolidate around 65,000 direct jobs and 89,000 indirect jobs; a total of 154,000 jobs, 60 percent of which are for women. Additionally, over 27,000 entrepreneurs will be trained, including more than 15,000 women, while 2,200 companies will receive support for digital transformation and another 3,500 for support. formalization to get out of the informal.

“This project is an effective and innovative response to the challenge of youth employment and women in Senegal, which like all African countries facing this challenge, is looking for a sustainable and sustainable solution,” the country manager, acting for Senegal, Adam Amoumoun opined.