More work for young people and women: Senegal grows with CDP

More work for young people and women: Senegal grows with CDP

CDP has signed a financial agreement to fight illegal immigration and help develop business initiatives in the West African country

Rome February 21, 2018

A new agreement affirms CDP's commitment to international cooperation. The €13 million financial accord signed with the Senegalese Ministry of Economy to fight irregular migration with the help of the private sector, is part of a program promoted by the Italian Ministry of Foreign Affairs and International Cooperation.

The initiative aims to create new employment opportunities for young people and women and to enhance the economic resources of citizens who left their country of origin to find their fortune in Italy.

To achieve these objectives, the aid credit will intervene above all to boost micro, small, and medium enterprises of Senegal - engines of social and economic growth. In particular, support will be implemented in the development of dedicated financial instruments and services, such as the activation of micro-credit lines through local financial intermediaries, the creation of micro-venture capital funds and the financing of existing guarantee funds.

To combat irregular migration, it is necessary to create new development opportunities in the countries of origin, promoting fair and stable social development. For this reason, the newly signed agreement aims to strengthen female entrepreneurship, earmarking 20% ​​of the funding for this purpose, and to encourage the growth of new projects and initiatives in Senegal.

In this regard, the aid credit for Senegal is part of a broader operational context, starting from the bilateral program "Support Platform for the Private Sector and the Valorisation of the Senegalese Diaspora in Italy (PLASEPRI)" The agreement was conceived as the second phase of this first experience of Italo-Senegalese cooperation.

Through these operations, CDP concretely promotes social and economic growth on a global level, bearing witness to the centrality of its role as Financial Institution for Development Cooperation.