While Covid-19 has dampened Senegal's ambitions in its 2035 emergence plan, the country has secured funding from USAID to ensure its recovery. Valid for the next 5 years, this program will support priority areas such as trade, health and education.
Senegalese Minister of the Economy, Planning and Cooperation Amadou Hott, announced that the United States, through USAID, will grant Senegal an amount of 325 billion CFA francs ($ 600 million).
The 5-year funding will be invested in projects aimed at improving Senegal’s economic growth. Which projects will be listed in the areas of support to the private sector, commercial justice, education, health, human capital.
“It is an agreement to improve economic growth, increase human capital, but also strengthen the action of the State especially at the level of local authorities”, insisted on his side Peter Trenchard, director of Usaid in Senegal .
The financing protocol was signed in Dakar on the occasion of the launch of new bilateral assistance agreements relating to the five-year cooperation strategy (2020-2025) between the two countries. Economic growth fell to a level below 2% from 6% in 2019.
A drop in performance to be attributed to the current health context which has paralyzed the country’s development efforts. Thanks to this funding to aid economic recovery, Senegal hopes to achieve its goal of achieving double-digit growth by 2023.
But before that, we will have to meet the objective of 5.2% growth in 2021 and 7.2%. % by 2022, according to forecasts revealed by Senegalese President Macky Sall.
Forecasts aligned with the Emerging Senegal plan in 2035, the national framework for economic and social policy in the medium and long term. Achieving this ambition is based on the implementation of a major investment program in promising sectors. Source Ecofin Agency