The Islamic Development Bank’s (IsDB) USD60 million contribution to the National Program for Islamic Microfinance, will provide support for at least 50,000 microentrepreneurs, and create 25,000 new jobs.
The agreement to support the National Program for Islamic Finance, called “Promise”, was announced during a signing ceremony between the IsDB and the Government of Senegal, represented by Senegal’s Minister of Economy and Finance Amadou Ba and President of the IsDB Group, Dr. Bandar Hajjar.
The objective of the project is to contribute to Senegal's socio-economic development through the financial inclusion of small and micro-entrepreneurs, generating more jobs, increase economic activity and improve livelihoods, focusing on value chains of agriculture and services.
More specifically, the project is expected to promote financial inclusion among the disadvantaged communities and increase its uptake by 3 percent.
The total cost of the project is estimated at USD82 million. IsDB's contribution to project financing is USD60.3 million, including USD10.3 million for the Government of Senegal and USD50 million for the project's Microfinance Institutions (MFIs).
This Islamic microfinance project aimed at ensuring the financial inclusion of vulnerable groups is part of the overall Emerging Senegal Plan (PSE), as well as the IsDB's Strategic Program, which delivers projects with social impact to its member countries.
Speaking at the signing ceremony, the Minister of Economy, Finance and Planning, Amadou Ba, thanked the IsDB for its continued cooperation with the Senegalese Government in support of its people.