Promotion of local agricultural production in Senegal
Senegal is a major rice consumer, but it is also a major importer of rice.
Even if the country produces rice, most of the rice consumed by Senegalese households comes from abroad, including India, Thailand, Pakistan and Brazil.
As is often the case in Africa, one of the issue to the development of agricultural production is difficult access to finance, particularly bank credit.
BANK AFRICA – SENEGAL signed an agreement with IFC and a platform called agCelerant on 24 February 2023. The aim is to better structure this agricultural sector with an innovative business model through which small farmers are supported and protected while empowering themselves. “agCelerant” is an initiative of MANOBI AFRICA, an organization present in 14 African countries, promoting value in agricultural sectors and drinking water systems.
With a budget of 7.2 million dollars over 3 years, this agreement, whose objective is to increase rice production in Senegal, partly guarantees the financing that BOA-SENEGAL gives to thousands of rice farmers. This financing also includes leasing operations to improve production by increasing its mechanization.
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