Senegal is benefiting from a €75 million (CFA franc 49 billion) concessional loan from the European Investment Bank (EIB) to support the private sector exposed to the coronavirus crisis.
This loan was formalised on Thursday 23 July by the Senegalese Minister for the Economy, Planning and Cooperation, Amadou Hott, and the EIB Vice-President responsible for operations in Africa, Ambroise Fayolle.
Senegal is the first country in Africa to benefit from the EIB's Accelerated Response Facility for economic resilience to the pandemic.
The loan will support the CFA franc 200 billion financing facility set up by Senegal within the framework of the national economic and social resilience programme.
The EIB loan is combined with a €6 million grant from the EU.
This aid will support lending by banking institutions to businesses most affected by the pandemic, including in the fisheries, agriculture, tourism, manufacturing and retail sectors.
It will help to raise more private sector investment. This funding will benefit from an interest rate subsidy from the EU.
New health investment projects, including supply chain and private sector support, are expected to be approved across Africa in the coming weeks and months. (Original version in French by Aminata Niang)