Senegal - United States - Cooperation

US funds new entrepreneurship drive in Senegal

APA - Dakar (Senegal)

The U.S. government has just set up a major fund to support young Senegalese entrepreneurs.

By Abdourahmane Diallo

It is a new source of funding that has just been established by the United States Agency for International Development (USAID). 

Dubbed “Entrepreneurship and Investment,” the five-year project has a budget of $15 million, said a statement seen by APA on Wednesday.

This programme will facilitate investment and mobilise resources to develop autonomous entrepreneurship and business development ecosystems across the country, the statement said.

 It mobilises public and private investments to encourage young Senegalese to become entrepreneurs, and increase opportunities for women entrepreneurs.

 The funds will also be used to strengthen access to services for start-ups and growth businesses, and to facilitate financing and investment in order to stimulate the growth of the next generation of businesses in Senegal.

 The project aims to facilitate new investments for 20,000 businesses already receiving USAID technical assistance. 

It will work in partnership with business service providers, investment firms, and government institutions to promote the growth of Senegalese businesses operating in promising sectors of high priority to USAID. 

These include agribusiness, health, energy and water, sanitation and hygiene.

By building on the synergies offered by the strategic partnerships established within the ecosystem, USAID will expand the resource base and sustainable solutions for Senegal’s entrepreneurs, the cooperation agency added.

The project also aims to improve access to sustainable business support services, increase investment and create jobs and wealth in the country by supporting Senegal’s growing number of incubators and technology centres.

 


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