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Senegal Raises 104 Billion CFA Francs From World Bank To Finance PSE Phase 2

The second phase of PSE will particularly focus on human capital

Senegal has reportedly raised 104 billion CFA francs from the World Bank to finance the second phase of President Macky Sall’s flagship development programme, the Plan Senegal Emergent (PSE), at the recently held Paris Consultative Group meeting. The Paris Consultative Group meeting was requested by Senegal to obtain further funding for the PSE from its technical and financial partners.

As summed up in Senegal’s Priority Action Plan (PAP) 2019-2023 under the PSE, the second phase, which requires funding of 4,684 billion CFA francs, will particularly focus on human capital.

Addressing the meeting in Paris, Hafez MH Ghanem, Vice President of the World Bank for Africa, said the World Bank has welcomed Senegal’s reforms in strategic sectors such as energy and has decided to support this approach with budget financing of $180 million.

“We are pleased to announce that recent years’ reforms in the energy, telecommunications, and digital economy sectors have resulted in the release of $180 million in reform support budget financing, approved on December 14 by our board of directors,” Ghanem said, reported JournalduCameroun.com.

He mentioned that the investment is the largest World Bank budget support ever offered to Senegal.

“We at the World Bank Group, we are proud of our partnership with Senegal and the good results of the PES and we will remain committed to supporting the PAP 2 PAP,” Ghanem added.

The Senegalese head of state assured that the money financed by the World Bank will be used effectively and efficiently to accelerate the second phase of the Plan Senegal Emergent (PSE).

The Senegalese delegation to the Paris Consultative Group is led by Macky Sall and several other members of his government including Amadou Ba, the minister in charge of the Economy, Finance and Planning.

During the first Consultative Group meeting held in Paris in February 2014, Senegal’s partners including the World Bank Group had announced financial commitments of 3,729 billion CFA francs.

Caroline Finnegan

A professionnal journalist for the past ten years, I cover global news and economic affairs for The Chief Observer.

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