The USAID West Africa Trade & Investment Hub (Trade Hub) orchestrated a Learning Event on May 23, 2024, at the Azalaï Hotel in Dakar. The event marked a significant milestone in advancing inclusive and sustainable economic growth in Senegal through strategic co-investments. It brought together various stakeholders, including co-investment partners, Senegalese government officials, international representatives, and private sector actors.
Over the past five years, the Trade Hub has focused on enhancing the competitiveness of the private sector across West Africa through a market-driven approach. By fostering collaborations with private enterprises, it has mobilized substantial funds, created sustainable employment opportunities, and facilitated regional and international trade. The initiative's partnership with 91 private sector companies has led to local initiatives in 16 countries and bolstered economic growth.
A presentation by Lotfi Kourdali, Public-Private Partnerships Director at the Trade Hub highlighted outcomes specific to Senegal. Grants totaling $9.1 million (5.5 billion CFA francs) were awarded to 12 private Senegalese companies as co-investments. These efforts have created 4,343 jobs and involved 24,946 smallholder farmers across sectors such as agriculture, health, clean energy, and water sanitation.
The event aimed to foster knowledge-sharing and showcase innovative products developed through these partnerships. It attracted over 80 participants representing various stakeholders who engaged in three interactive panel sessions where grantees shared insights from their activities.
Remarks were delivered by Ms. Alyssa Leggoe, USAID/Senegal Mission Director; Ms. Jouldée Soumare, Private Sector Director at the Ministry of Economy; Planning; Cooperation; among others who emphasized the importance of blended finance—a combination of public and private investment—as critical for sustainable development.
Ms. Soumare highlighted: “The private sector...plays a vital role in our economy,” noting that SMEs represent a significant portion of economic units in Senegal.
Ms. Leggoe noted: “The co-financing mechanism of USAID has contributed to financial inclusion...especially those led by women and youth,” underscoring that inclusion is central to USAID’s strategies.
Ms. Khadidiatou Nakoulima described how USAID’s support allowed her company to expand into underserved regions: “This assistance will make us more competitive,” she said.
Ms. Aminata Mbaye concluded by celebrating successes achieved through these co-investments while emphasizing collaboration and innovation.
As part of its ongoing commitment to supporting local enterprises' growth and competitiveness amid challenges like financing access and informal sectors' prevalence, USAID aims to address barriers through innovative solutions for sustainable progress.
Thomas Gajan remarked: “We are proud we contributed to 400 out of the 4,000 jobs created in Senegal.”
The success of this Learning Event underscores sustained commitment towards fostering inclusive economic growth throughout West Africa via shared experiences and fortified partnerships.
Alerts Sign-up