Senegal Secures $14.3bn to accelerate its industrialisation

Business News

“PLEDGES for 2019-23 amounted to approximately $14.3 billion while the Government was requesting $5 billion, demonstrating the commitment of international partners”

Nigeria Industrial Digest learned that the fund was mobilised by United Nations Industrial Development Organisation ( UNIDO) during the Consultative Group Meeting in Paris. It was attended by multilateral and bilateral partners, and development finance institutions and agencies.

Fatou Haidara, Managing Director, and Christophe Yvetot, Country Representative in Senegal, said that one of the country’s main priorities is inclusive and sustainable industrialization and the reinforcement of the Programme for Country Partnership with UNIDO.

“This exceptional financial mobilization is a demonstration that structural change can happen quickly in Africa if reforms that support productive investments are put in place. Senegal is becoming a model for other African countries willing to accelerate their industrialization.

“UNIDO will continue to support the reforms and projects of Senegal, particularly the industrial policy, special economic zones, industrial parks, agropoles and the regional mining hub.

“The large pledges are an encouragement for “the President of Senegal who has recently been distinguished by UNIDO as Champion of the Third Decade for the Industrial Development of Africa 2016-2025 to continue his efforts for the industrial emergence of Senegal,” said Haidara.

Yvetot added, “the reforms and projects supported by UNIDO such as the special economic zones and the industrial parks and agropoles combine good incentive packages and efficient logistical ecosystems that will help companies flourish in Senegal. The new Priority Action Plan, in cooperation with UNIDO, will help accelerate and scale-up those reforms and projects”.

Earlier, the President of the Republic of Senegal, Macky Sall, in his opening statement to the Consultative Group meeting, he recalled his vision of an emerging Senegal by 2035, the results achieved, and his commitment to deepen the structural reforms required.

After the opening ceremony, the Minister of Economy, Finance and Planning, Amadou Ba, presented the key results obtained by Senegal over the last five years and highlighted the main axes of the second phase of the Plan Senegal Emergent (PSE), the macroeconomic outlook and the structural reforms underpinning it as well as the financing needs of the second PSE action plan for the period 2019-23.

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