Morocco and Senegal in partnership to develop agricultural finance
They set up a €3 million funding mechanism.Morocco and Senegal have signed an agreement to launch a partnership program aiming to facilitate access to finance for farmers.
It provides for the establishment of a funding mechanism in Senegal to promote a balanced and inclusive development for small farmers and rural populations, Infomédiaire Maroc reports.
This mechanism, which is backed by a €3 million investment, will grant loans tailored to the realities of Senegalese farmers through the Atlantic Micro Finance institution For Africa (AMIFA).
Agriculture is an important part of the economy, with the primary sector accounting for about 16 per cent of GDP, according to figures from the African Development Bank.
It occupies the majority of the population, with 70 percent of Senegalese people being farmers or livestock producers.