(Ecofin Agency) - Senegal obtained pledges of XOF7,356 billion (about $12.72 billion) from its technical and financial partners for the financing of the second phase of its development strategy called Plan Sénégal Emergent (PSE). This funding was obtained on Monday, December 17, 2018, during the meeting of the PSE advisory panel in Paris.
According to Louise Cord, World Bank’s operations manager, this financing received by Senegal is 2.5 times more than the country’s target, which was XOF2,850 billion (about $5 billion), for the implementation of the second phase.
It is worth mentioning that World Bank promised XOF2 trillion (about $3.46 billion), the African Development Bank (AfDB) XOF1,358 billion (about $2.35 billion) and XOF1,000 billion (about $1.73 billion) from France. The remainder of these pledges, equaling XOF3,342 billion (about $5.78 billion) will be provided by lateral and bilateral partners.
Let’s note that the meeting of the advisory group was organised with World Bank’s support and, it was attended by Senegal’s president Macky Sall. It gathered many development partners such as the International Monetary Fund (IMF) and the African Development Bank (AfDB).