Senegal: €12 million to support producers of the valley
The line of credit is the largest in the history of CNCAS.The National Agricultural Credit Fund of Senegal (CNCAS) will raise more than eight billion CFA francs (€12.1 million) to lend to producers of the alluvial valley of Senegal for the crop year 2015 - 2016, its director, Malick Ndiaye, announced on Friday (August 21st).
"We recorded - in the northern area -
??8.137 billion CFA francs of credit agreements for the next planting season," he said, quoted by the Senegalese News Agency.
He added that these credit agreements cover the entire northern part of the valley, from Matam to St. Louis and represent more than half of the sown areas.
According to Mr Ndiaye, the amount of this credit is a first in the history of the institution, which allocated six billion CFA francs for the current season.
Agriculture is an important part of the economy, with the primary sector accounting for about 16 percent of GDP, according to figures from the African Development Bank.