- COFINA Senegal, in partnership with EIB and EU, will boost the agricultural sector in Senegal
- This partnership will support around 2,300 jobs in Small and Medium Enterprises and Mid-Sized Enterprises
Senegal – As part of the partnership with the European Investment Bank (EIB) and the support of the European Union (EU), COFINA Senegal has announced that it has already granted €675,000 (more than 440 million CFA francs) to boost the agriculture sector.
The funding was issued to 57 SMEs exclusively in agricultural value chains, including 14 in the horticultural sector and 35 in the cereals sector, two priority sectors of the EU-Senegal partnership.
These loans are part of the €25 million financing agreement (equivalent to 16.4 billion CFA francs) concluded in September 2023 between the COFINA Group (Compagnie Financière Africaine) and the EIB via EIB World, its development branch that supports, in particular, the private sector active in agriculture value chains.
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Of this €25 million financing guaranteed by the EU, €9.75 million (equivalent to 6.4 billion CFA francs) will be granted to COFINA Senegal.
As part of this partnership, Senegal will support around 2,300 jobs in Small and Medium Enterprises (SMEs) and Mid-Sized Enterprises.
This agreement includes ambitious targets for climate action, environmental sustainability and financial inclusion, particularly for women as entrepreneurs, managers, employees and consumers of products and services that strengthen their participation in the economy, in line with the ‘2X Challenge’ initiative.
It also aims to strengthen the support of the meso-finance institution, COFINA Group, for the development of agricultural value chains, including cereals and horticulture, two priority sectors of the partnership between the European Union and Senegal.
This financing reduces dependence on imports by supporting the agricultural sector. Thus, it strengthens Senegal’s food sovereignty and general economic stability while encouraging environmentally friendly agricultural practices, the adoption of modern technologies, and the creation of jobs in rural areas.
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The list of beneficiaries includes Wakeur Cheikh Abdoue Karim Agro, which specialises in the production and marketing of market garden products like onions. Others are Khady Sow, who runs a farm in Diogo; Rokhaya Kane, a poultry expert who operates 2 hectares of rice farming in Saint-Louis; and others.
Managing Director of COFINA Senegal, Mame Alassane Dia, said:
“This partnership with the EIB is in line with our financial inclusion objectives. Thanks to this financing, COFINA Senegal is strengthening the support of women entrepreneurs, employees or managers through its dedicated Linguère-La agency, but also facilitating access to credit for thousands of farmers and entrepreneurs through its Agri desk (specifically designed for actors in the agricultural value chain) this promoting innovation, productivity and sustainability in the agricultural sector.”
Dia further added that this agreement will make it possible for Senegal to offer advantageous financing conditions with reduced interest rates and repayment periods adapted to agricultural production cycles.
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EIB’s Vice President Ambroise Fayolle said:
“This financing has ambitious objectives in terms of climate action, environmental sustainability and financial inclusion for women. It also contributes to food sovereignty and reduces dependence on imports while promoting the use of modern technologies and job creation in rural areas.”
According to Jean-Marc Pisani, the EU ambassador in Senegal, this financing, in a sustainable and inclusive manner, gives access to financing for SMEs and Intermediate-Sized Enterprises, which will improve the productivity of the agricultural sector.
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