WASHINGTON, July 9, 2025 — The World Bank has approved a concessional financing of 57.5 million euros as additional funding for the Program for Employment, Economic Transformation, and Recovery in Senegal focused on results. This financing will enhance support for the Senegalese government’s Accelerated Program for Competitiveness and Employment (PACE), a flagship initiative aimed at unlocking the potential of the private sector, creating jobs, and stimulating inclusive economic growth.
The additional financing will expand the program’s scope in four key result areas: strengthening competitiveness, promoting the adoption of innovative technologies, improving access to financing, and fostering private investment. It will also support reforms related to industrialization planning, improving the business climate, and promoting innovation, with a particular focus on women-led businesses and smart technologies tailored to climate challenges. The program is aligned with Senegal’s Vision 2050 and the ambition to position the private sector as a key driver of growth and job creation.
“This financing reflects the World Bank’s commitment to supporting Senegal’s efforts to advance the private sector, especially micro, small, and medium enterprises (MSMEs), and create more jobs,” said Keiko Miwa, World Bank Country Director for Senegal. “The swift and concerted preparation of this financing illustrates our common commitment to providing timely and impactful financial and technical support to Senegal. By strengthening support to MSMEs and enhancing the competitiveness of priority value chains, this program will help stimulate economic opportunities and promote job creation across the country, particularly for youth and women. The World Bank has mobilized over $280 million in concessional financing since June 2025, at a critical juncture as the Senegalese government enters a decisive phase in implementing its Vision 2050.”
The program’s technical approach is based on a strong results-oriented framework and close collaboration with government institutions, including the Ministry of Economy and Planning, the Agency for the Development and Supervision of Small and Medium Enterprises (ADEPME), the Priority Investment Guarantee Fund (FONGIP), and the Sovereign Strategic Investment Fund (FONSIS). The Ministry of Industry and Commerce, as well as the Agency for the Promotion of Investments and Major Works (APIX), are also part of the initiative, providing complementary dimensions to the framework. The program will continue to support the professionalization of MSMEs, expand access to financing through loan guarantees and equity instruments, including the Oyass Fund, and public-private partnership reforms.
“This additional financing offers us the opportunity to strengthen already promising initiatives and meet the government’s increased ambition to accelerate economic transformation,” said Jana Malinska, Senior Private Sector Specialist and Program Team Leader at the World Bank. “It reinforces our support to MSMEs and value chains, while advancing essential reforms in industrial policy, investment promotion, and access to financing. By focusing on the adoption of innovative and sustainable technologies, business process modernization, and digitization, the program positions itself as a strategic lever for sustainable development.”
This operation marks a strategic step in advancing Senegal’s long-term vision for economic transformation and inclusive growth. By supporting national efforts to enhance industrial competitiveness, empower MSMEs, and attract private investments, the program aligns with the government’s ambition to make Senegal a dynamic hub of innovation and entrepreneurship in West Africa. It also contributes to building a more resilient and equitable economy, in line with the country’s Vision 2050 and the World Bank’s commitment to regional integration and sustainable development.
