Senegal to Open First Islamic Microfinance Windows in 2020
Senegal plans to launch its Islamic microfinance program with the opening of financing windows by June 2020, Yaye Fatou Diagne (pictured), coordinator of the National Program for the Development of Islamic Microfinance in Senegal (PROMISE), announced on Tuesday.
The 5-year program valued at 47 billion CFA francs ($79.2 million) and supported by the Islamic Development Bank (IDB) aims to provide financing to about 50,000 micro, small and medium-sized enterprises across the country.
Authorities hope to help generate 25,000 new jobs, 35% of which will be for women and 25% for young people.
“The ongoing recruitment process to select an international technical assistance firm is expected to be completed in December, in line with the requirements of the Islamic Development Bank (IDB),” the manager said, stressing that “the firm should start its first activities in January 2020 and will submit a first report in June 2020 so that we start implementing the recommendations for the rapid and effective implementation of Islamic microfinance in our country.”