Senegal to open first Islamic microfinance windows in 2020
Wednesday, 20 November 2019 14:55
Senegal plans to launch its Islamic microfinance program with the opening of financing windows by June 2020, Yaye Fatou Diagne (pictured), coordinator of the National Program for the Development of Islamic Microfinance in Senegal (PROMISE), announced on Tuesday.
The 5-year program valued at 47 billion CFA francs ($79.2 million) and supported by the Islamic Development Bank (IDB) aims to provide financing to about 50,000 micro, small and medium-sized enterprises across the country.
Authorities hope to help generate 25,000 new jobs, 35% of which will be for women and 25% for young people.
“The ongoing recruitment process to select an international technical assistance firm is expected to be completed in December, in line with the requirements of the Islamic Development Bank (IDB),” the manager said, stressing that “the firm should start its first activities in January 2020 and will submit a first report in June 2020 so that we start implementing the recommendations for the rapid and effective implementation of Islamic microfinance in our country.”
Moutiou Adjibi Nourou
Additional Info
- communiques: Non
- couleur: N/A
Live News
-
Democratic Republic of Congo: Multilateral Lenders Under Pressure From Exchange-Rate Effects Ahead of the 2026 Eurobond
08:04
-
Gabon’s BCEG Partners Bamboo Microfinance to Expand Inland Banking
08:00
-
Sahel Capital Renews $2.4 Million Loan to Ghana’s Kuapa Kokoo
07:56
-
Nioko Resources Seeks Control of Liberia’s Dugbe Gold Project
07:08
-
UK Pumps XAF 6.8bn into Congo Basin Skills as Cameroon Scientists Win Scholarships to Fuel Forest Economy
06:09
-
Togo Sets 2026 Public Wage Bill at CFA 373.5 Bln, Up 5% on Year
18:55
-
Plateaux Regional Council Rolls Out School Water Project With Solar Boreholes
18:48
-
Camrail and Camalco Seal Rail Deal to Enable Bauxite Exports from Minim Martap
18:12
-
Hysacam and Ceneema Launch Emergency Partnership to Decongest Urban Landfills
18:07
-
Cameroon Expects 600 Tons of Wheat Seeds to Reduce Import Dependence
18:05
The BoxCommerce–Mastercard Partnership introduces prepaid cards, giving SMEs instant access to e...
Togolese banks provided 16.2% of WAEMU cross-border credit by September 2025 Regional cross...
Circular migration is based on structured, value-added mobility between countries of origin and host...
President Tinubu approved incentives limited to the Bonga South West oil project. The project tar...
Africa’s trade deficit with China widened 64.5% to $102 billion in 2025 Chinese exports ...
A stronger Congolese franc has reduced the local value of external financing, creating a $836 million budget gap in the DRC’s 2026 fiscal...
The Dugbe project could produce 2.27 million ounces of gold over 14 years, according to a 2022 feasibility study. The acquisition values Pasofino...
Ivory Coast ranks as the world’s third-largest latex producer, with 722,502 hectares of rubber plantations. The rubber producers’ federation...
Zijin Gold agrees C$5.5 billion acquisition of Canada’s Allied Gold Deal expands Zijin’s African footprint into Mali and Côte d’Ivoire Allied Gold...
Three African productions secured places among the 22 films competing for the Golden Bear at the 76th Berlin International Film Festival. Berlinale...
Ambohimanga is a hill located about twenty kilometres northeast of Antananarivo, in Madagascar’s Central Highlands. It holds a central place in the...