The Board of Directors of the African Development Bank Group approved, on November 27, 2024 in Abidjan, a loan of 73.72 million euros to Senegal to implement the second phase of the Project to support and promote entrepreneurial initiatives by women and young people.

This loan is in addition to the 841,000 euros grant from the Financing Initiative for Women in Africa (AFAWA), a Bank program aimed at bridging the financing gap for women entrepreneurs on the continent, which will bring the total financing of the African Women's Entrepreneurs to 74.54 million euros, or 45.6% of the cost of the project. The Government of Senegal will provide a contribution of 38.11 million euros while the French Development Agency will contribute 25 million euros

Commercial banks, microfinance institutions and other partners will provide an envelope of 25.8 million euros dedicated to the co-financing of structuring entrepreneurial initiatives of micro, small and medium-sized enterprises (MSMEs) led by young people and women.

“This second phase is specifically designed to benefit young people aged 15 to 40 and all economically active women. Its objective is to support the implementation of the job creation strategy for young people and women through the promotion and development of entrepreneurship,” said Mohamed Chérif, Head of the African Development Bank's country office

The project provides access to finance for micro, small and medium-sized enterprises (MSMEs) run by young people and women in partnership with partner financial institutions including commercial banks, microfinance institutions, among others.

The project includes the strengthening of technical capacities through an approach focused on the specific needs of entrepreneurs: business training, business creation training and post-creation follow-up. Support will be provided for the development of business plans, management training as well as support for labelling and improving the quality of products, including green products

In addition, the project will support the integration of new technologies into the manufacturing and operating procedures of MSMEs, the upgrading of products to standard standards and certification, information support and support for access to the export market, including participation in international fairs and the facilitation of... access to national public procurement