World Bank funding to boost Senegal financial security

Apr 09, 2010

Funding from the World Bank is to be used in the fight against money laundering and corruption in Senegal.

The bank has approved an $8 million (€5.98 million) fund from the International Development Association that will be put towards improving various aspects of the financial sector in the country.

Commenting on the move, Gilberto de Barros, Task Team Leader for the economic governance project charged with boosting the justice system and improving the investment climate in the country, stated the cash will target a number of key areas. "The project will improve the effectiveness of three key economic governance agencies: the Anti Money Laundering Unit, the Anti Corruption Unit, as well as the Investigation Unit of the Public Procurement Agency," he was quoted as saying.

In addition, it will also strengthen justice sector reform taskforce Cedaf, giving it the ability to source extra funding from other development partners in order to generate further funding for the Justice Sector Reform programme. This is the latest in a number of projects in Senegal the bank has approved funding for. As of August 2009, it had granted around $3 billion in finance.