AfDB Approves Over €129 Million to Boost Senegal’s Agriculture and Entrepreneurship

The African Development Bank (AfDB) has approved loans and funding exceeding €129 million to enhance agricultural productivity, promote water management, and bolster youth and women entrepreneurship in Senegal. These initiatives aim to address unemployment, improve food security, and stimulate economic development across nine regions of the country.

The AfDB has allocated €55.33 million for the second phase of the Water Valorization Project in Senegal. This project focuses on efficient water management and irrigation infrastructure to increase agricultural yields and promote sustainable farming. By optimizing water use, the project seeks to combat the challenges of food insecurity and rural poverty, benefiting thousands of smallholder farmers.

Additionally, over €74 million has been mobilized to encourage entrepreneurship among women and young people in Senegal. This funding, supported by multiple development partners, aims to provide financial resources, capacity-building programs, and market access to empower aspiring entrepreneurs. The initiative will target key sectors such as agriculture, technology, and trade, fostering innovation and inclusive growth.

AfDB President Akinwumi Adesina highlighted the importance of these projects, stating, “Empowering women and youth and enhancing agriculture are vital for Senegal’s economic future. These initiatives will create jobs, improve incomes, and ensure food security.”

The combined investments are expected to significantly impact Senegal’s economy by creating employment opportunities, increasing agricultural output, and reducing the gender gap in economic participation. The agricultural funding will directly benefit over 10,000 farmers, while the entrepreneurship initiative is projected to support more than 5,000 small businesses owned by women and youth.

The Senegalese government has welcomed AfDB’s continued support, recognizing it as crucial to achieving the country’s development goals under its “Plan Sénégal Émergent” (Emerging Senegal Plan). The plan emphasizes sustainable development and economic inclusion as cornerstones of the nation’s progress.

With AfDB’s strategic interventions, Senegal is poised to accelerate its economic transformation and address pressing social challenges. The success of these initiatives could serve as a model for other African nations aiming to harness the potential of agriculture and entrepreneurship for sustainable development.