As a member of the World Bank Group, the International Finance Corporation (IFC) works to promote, support, and develop the private sector. In Senegal, it finances and supports businesses in diverse sectors such as infrastructure, energy, transportation, digital technology, healthcare, and industry. Over the past five years, it has supported several local private companies.

 

"Over the past five years, we have invested more than $2 billion here in Senegal. We are ramping up. We currently have projects under consideration totaling more than $1.5 billion," said Olivier Buyoya, IFC Regional Director for West Africa.

 

On Monday, at their new headquarters in Dakar, which has become their regional hub, he and his colleagues met with the press to review their activities and outline future prospects. According to Nouma Dionne, IFC representative for Senegal, their ambition is to increase the volume of their commitments and also contribute to the implementation of the national framework.

 

“We want to increase our volume of commitment and we would like to double our volumes, at least. I think the most important thing is the diversification of our commitments. Behind this diversification, we want to align ourselves with the government’s 2050 vision, that is to say the strategic sectors of energy, water, but also SMEs,” she says.

 

Thus, the institution's objective is also to make its investments catalytic to support and boost the local private sector, particularly SMEs. But above all, it aims to help transform national leaders into regional champions. This is why it intends to contribute to the Government's "Sunu Champions" initiative.

 

The IFC has already supported several companies that are currently thriving, such as Carrefour Médical in the field of drug production, Kera Health, or Couvoir Amar in the agricultural sector.

 

Given that diversifying financing is essential to creating an environment conducive to the emergence of these national champions, the IFC "makes deepening regional capital markets a strategic priority," by supporting financial governance and promoting innovative instruments such as green bonds. It also supports banks, microfinance institutions, and fintechs to broaden access to credit for the entrepreneurial ecosystem.

The institution also wants to diversify its sources of financing, notably by mobilizing investors from Gulf countries for structuring projects in Senegal, in port infrastructure, hydraulics etc. "Discussions are also underway to support the development of the phosphate sector, in support of national priorities," say IFC officials.

On the energy front, her M300 initiative, which aims to provide 300 million Africans with access to affordable electricity, is expected to benefit 3 million Senegalese. "This means that we will need to increase our investments in energy production and diversify them, not just in one type of energy, but also in renewable energy," says Ms. Dionne. In agriculture, her AgriConnect initiative aims to strengthen producer productivity and help them better integrate into agricultural value chains.

The international financial company is not forgetting a crucial aspect for our countries: job creation. "In countries in the region, we also intervene, as in Senegal, with the objective of creating jobs. And from there, we try to see what fundamental elements need to be put in place," says Mr. Buyoya.