June 17, 2024

IFC’s Managing Director Makhtar Diop Concludes Five-Day Visit to Senegal, Highlights Opportunity to Strengthen Engagements

IFC’s Managing Director Makhtar Diop Concludes Five-Day Visit to Senegal, Highlights Opportunity to Strengthen Engagements
IFC’s Managing Director Makhtar Diop Concludes Five-Day Visit to Senegal, Highlights Opportunity to Strengthen Engagements

IFC’s Managing Director Makhtar Diop has concluded a five-day visit in Senegal, where he held talks with public and private sector partners to reaffirm IFC’s strong commitment to supporting Senegal’s post-COVID-19 economic recovery and long-term development agenda.

This was Diop’s first official visit to Senegal, his home country, as IFC’s Managing Director. Discussions focused on how IFC can support greater participation of the private sector – including micro, small and medium-sized enterprises (MSMEs) and entrepreneurs – in the economy, particularly in high-potential sectors such as housing, health, tourism, agribusiness, technology, energy, finance and creative industries.

Along with World Bank Group’s President David Malpass, Diop met with President Macky Sall to discuss the country’s bold private sector growth agenda under the government’s Plan Senegal Emergent (PSE) and IFC’s support to local vaccine manufacturing and affordable housing development in Senegal.

During his visit, Diop signed a mandate letter with Institut Pasteur de Dakar to help the vaccine maker raise financing for the construction of a manufacturing facility that will produce COVID-19 and other vaccines for use in Africa. He also signed a collaboration agreement with Senegal’s Sovereign Wealth Fund, known as FONSIS, to develop 20,000 affordable housing units in the country through a rent-to-own scheme.

“Senegal is one of the most buoyant economies in West Africa with a strong private sector, creative young entrepreneurs and an emerging tech industry. I am impressed by the resilience of Senegal’s economy in the face of the huge shock of the COVID-19 pandemic and the energy of its people to rebuild and forge ahead. IFC will continue to be a close partner to support Senegal to recover, create more jobs over the long term and meet its development goals,” Diop said.

With GDP growth projected to reach 5.5 percent in 2022 and 9.2 percent by 2023, Senegal is emerging from the COVID-19 pandemic, bolstered by strong private sector activity.

IFC’s work in Senegal is aligned with the government’s COVID-19 recovery plan and long-term development vision, and is focused on supporting vaccine production, digital infrastructure, renewable energy, manufacturing, and agricultural value chains.

IFC committed a record $161 million (CFA 96 billion equivalent) in Senegal in the last financial year, including mobilization from partners.

IFC’s Regional Vice President for Africa, Sérgio Pimenta, accompanied Diop during his engagements in Senegal.

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