Senegal bags $7.7bn loan for projects

Senegal has obtained 7.7 billion dollars from international creditors to enact an economic and social development programme to boost the country to emerging economy status by 2035.

“Senegal has the confidence of creditors for its economic and social development plan,” said Senegalese President Macky Sall late on Monday.

He spoke after the first day of talks in Paris by the consultative group for Senegal which groups creditors at the offices of the World Bank.

The agreement on official help is worth 3,729 billion CFA francs or 5.6 billion euros.

Sall was in Paris to present his programme called the plan for an emerging Senegal which aims to boost growth in the next four years to at least 7.0 percent a year from 4.6 percent now and to achieve emerging economy status by 2035.

“We now have to merit all this confidence,” Sall said, referring to reforms to modernise administration and increase the transparency of public affairs, as well as improved social security.

All the driving forces in the economy had to pull together, he said. “A new page is open.”

The main targets under the plan were to “develop an economy of solidarity, all within an environment of improved administration, under the rule of law, together with peace and security.”

The programme comprises about 30 projects concerning agriculture, road infrastructure, energy, tourism, social housing, and information technology, he said.

Altogether, including financing already under way, Senegal has obtained commitments totalling about 5.745 billion CFA francs.