Major Financing Initiative Announced to Support SMEs and SMIs in Senegal
A significant financing initiative was announced on February 4, 2025, in Senegal, aiming to mobilize 1000 billion FCFA (approximately 1.6 billion USD) to support Small and Medium-sized Enterprises (SMEs) and Small and Medium-sized Industries (SMIs) facing a critical lack of financing.
Notably, this program, prepared ahead of the 4th SME Forum scheduled from February 18 to 20, is designed to facilitate access to credit and stimulate the growth of local businesses.
According to several sources, the initiative relies on a secured financing pact, involving around twenty local banks, including Ecobank Senegal. The goal is to reach 3000 billion FCFA by 2028. The program aims to enhance the competitiveness of SMEs, foster innovation, and generate jobs, overcoming current obstacles such as banks' reluctance, the informal sector, and the lack of guarantees.
This mobilization represents a third of the overall objective, and the challenge lies in effectively implementing the financing to maximize its impact.
