Dakar, Senegal 23 January 2017- An Islamic microfinance project financed by the Islamic Development Bank (IsDB) will create 25,000 jobs in the Republic of Senegal by 2022.

This was disclosed during the signing of agreement on the project between the IsDB Vice President (Sector Operations), Dr. Mansur Muhtar, and Senegal’s Minister of Economy, Finance and Planning, Mr. Amadou Bah.

The signing of the agreement took place in Dakar, the capital of Senegal during the visit of IsDB Vice President to the country.
Islamic Microfinance project falls within the social and economic development plan of Senegal known as “Plan Sénégal Emergent” (PSE).

The total cost of the project is US $82m, out of which IsDB will provide US $60.30m.

The project will increase access to financing among disadvantaged members of the population, particularly women and youth, from 15% to 18% by 2027.

Speaking at the signing ceremony, the Minister of the Economy, Finance and Planning, Mr. Amadou Ba, commended the IDB for the constant support it has provided to the government and people of Senegal.

“There is nothing more pleasing than lifting people out of poverty by giving them access to finance. Building the capacity of citizens to create jobs is the best way to create a vibrant economic environment. Senegal is moving in the right direction, and IsDB will always be there to support the initiative of its member countries,” said Dr. Mansur Muhtar.

The Islamic microfinance project fits into the plan of the government of Senegal to ensure financial inclusion for the poor, and the government has recognized the potential of Islamic finance to lift people out of poverty. The microfinance project is also consistent with IsDB Strategic Agenda, which focuses on providing financing that has social impact.

Notes to Editor:
For information and media enquiries about this story contact:
Muhammad Jameel Yusha'u
Senior Communication Specialist
Email: myushau@isdb.org
Twitter: @jameelyushau
Tel: +966126466492