(AfDB) - Senegal has officially launched the second phase of the Project for Support and Promotion of Women's and Youth's Entrepreneurial Initiatives (PAVIE II) at the Grand Théâtre National in Dakar.

The initiative, with a budget of €163.449 million, aims to create 92,633 jobs, empower women and youth, and advance Senegal's food sovereignty under the "Sénégal 2050" national development strategy. The launch took place on Wednesday 8 May in the Senegalese capital.

The Prime Minister of the Republic of Senegal, Ousmane Sanko emphasized the project's strategic importance: "This initiative is more than a program; it is a vision for a bold Senegal, driven by the creativity of its entrepreneurs and the energy of its youth and women. PAVIE II will be a cornerstone of our National Transformation Agenda, fostering sovereignty in food, industry, and technology."

He outlined two main objectives – positioning Senegal as a hub for entrepreneurial development in West Africa and creating quality jobs by empowering women and youth across the country. The Prime Minister highlighted that 58% of the targeted 51,212 entrepreneurial initiatives will be led by women and 56% by youth.

Dr. Akinwumi Adesina, President of the African Development Bank Group who led the African Development Bank Group delegation to the event, highlighted the transformative potential of PAVIE II.

"This is a great day for Senegal, to celebrate the success of your vision to transform the country through entrepreneurial empowerment. PAVIE II is a testament to Senegal's commitment to harnessing the potential of its women and youth," he said. "By strengthening agriculture, livestock, and fisheries, and fostering innovation, this project will drive economic sovereignty and create opportunities for generations," Adesina said.

"The future is very bright for innovative young entrepreneurs in Africa. This project demonstrates Senegal's leadership in creating the enabling environment for sustainable job creation and economic resilience," he added.

Aïda Mbodj, General Delegate of the Delegation for Rapid Entrepreneurship of Women and Youth (DER/FJ), expressed pride in reaching this milestone. "The vision of President Bassirou Diomaye Diakhar Faye, with his commitment to the empowerment of youth and women and to the development of our territories, forms the foundation of our actions."

PAVIE II builds on the success of its first phase, which supported 24,000 entrepreneurial initiatives, created over 93,000 jobs, and mobilized €100.6 million in funding, including €33.5 million from private banks. The new initiative introduces key improvements, including complete digitalization of all business processes, enhanced territorial support through localized mechanisms, and focused economic empowerment in underserved areas.

The impact of the support provided by the Delegation for Rapid Entrepreneurship was exemplified by Tahibou Ba, a rice farmer and PAVIE beneficiary, who shared, "Thanks to the financing from DER, I started with two hectares; today, I am at 313 hectares." His story underscores the program's role in transforming small-scale initiatives into thriving enterprises that contribute to national food security.

The project's €163.449 million budget allocates €91.463 million to job creation and agricultural production and €45.732 million to support innovative small and medium-sized enterprises and digital solutions. Funding partners include the African Development Bank, contributing €74.564 million (€73.723 million loan and €0.841 million grant from the Affirmative Finance Action for Women in Africa initiative), €25 million from the French Development Agency, €25.773 million from private banks, and €38.112 million from the Government of Senegal.

The African Development Bank is a key development partner in entrepreneurship initiatives in Senegal, with significant financial contributions to both phases of the project. The Bank's investment aligns with its Ten-Year Strategy (2024-2033), which focuses on investing in young people, as well as with Senegal's National Development Strategy (2025-2029).

The one-day program featured keynote addresses, panel discussions on food sovereignty and digital innovation, testimonials from beneficiaries of the first phase, and an exhibition showcasing agricultural and technological solutions. The project's strategic partnerships with private banks underscore its commitment to public-private collaboration.

Combined with its first phase, the PAVIE program is expected to generate a total of 185,633 direct and indirect jobs across Senegal, with 40% allocated to women and 70% to young people.