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Young fishers in Senegal increase their incomes threefold and turn their backs on illegal immigration

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2 years ago

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African Development Bank

The Project to Support and Enhance the Entrepreneurial Initiatives of Women and Young People focuses on training, support for formalising businesses, funding and post-funding follow-up with the beneficiaries to ensure that interventions are sustainable

ABIDJAN, Ivory Coast, August 30, 2023/APO Group/ — 

Launched in 2020, the Project to Support and Enhance the Entrepreneurial Initiatives of Women and Young People (PAVIE) (https://apo-opa.info/44tUHxa) implemented in Senegal, is producing significant socioeconomic transformations that are benefiting young people and women. The project has been extended by a year to complete its implementation under optimal conditions, according to the African Development Bank’s (www.AfDB.org) implementation progress and results report, which was published on 14 August 2023. Anouar Ouédraogo, the African Development Bank’s project manager, provides more details about the project, which is well underway to achieving its development objectives.

Three years after the start of the Project to Support and Enhance the Entrepreneurial Initiatives of Women and Young People (https://apo-opa.info/44tUHxa), what are its main achievements?

“The Project to Support and Enhance the Entrepreneurial Initiatives of Women and Young People (https://apo-opa.info/44tUHxa) focuses on training, support for formalising businesses, funding and post-funding follow-up with the beneficiaries to ensure that interventions are sustainable. After three years’ implementation, over 3,200 young people and women have been trained in specific trades and business management, 3,176 businesses that were operating in the informal sector have been formalised and 6,441 businesses have received funding worth a total of 38 billion CFA francs. The main areas of activity involved are agriculture, fishing, fish farming and artisanal activities.

How does technical and financial support relate to the entrepreneurial initiatives of young people and women?

“The project has signed partnership agreements with organisations that have expertise at the national level in various areas of activity and in business management, in order to offer the project beneficiaries, the specific technical support they need. Its main partners are the Small and Medium-Sized Business Development and Supervision Agency (ADEPME), the Senegalese Institute of Agricultural Research (ISRA), the Food Technology Institute (ITA), the Centre for Horticultural Development (CDH) and the Upgrading Office (BMN). In addition to the public bodies listed above, the project recruits consultants to provide post-funding support to beneficiaries.

The project has helped to change the lives of millions of young people and women in all regions of Senegal

Three funding mechanisms are used to provide financial support, namely:

  • Direct funding or providing finance to counteract the lack of enthusiasm among financial intermediaries for granting loans to a certain category of businesses, which are deemed too high risk. PAVIE identifies and selects relevant projects, based on criteria approved by the Bank. The lists of selected projects are sent to partner financial institutions. Projects are then distributed based on their monitoring capacity and presence on the ground. Funding is provided using PAVIE resources, at a maximum interest rate of 5 percent.
  • Joint funding, which aims to encourage financial institutions to fund structural projects with strong growth potential and create a leverage effect for greater impact.
  • Provision of a guarantee, which covers the risk of entrepreneurs defaulting, by positioning them in financial institutions for small and medium-sized businesses.”

Are plans to create jobs for young people and women, promote entrepreneurship and densify the economic landscape for small and medium-sized enterprises meeting expectations?

“It was already apparent, during the project’s mid-term review in May 2022, that the various initiatives formalised and/or funded had helped to generate and/or consolidate 37,286 direct and 30,870 indirect jobs. The project has been successful in structuring sectors such as fishing, for example, by replacing traditional canoes with fibreglass ones. This has enabled young fishers to increase their income threefold and at the same time, combat young people’s temptation to engage in illegal immigration. Female fish wholesalers have also received funding to create an ice-production unit for fish storage and trade. The entire fishing value chain has been given support to improve its organisation. In terms of agriculture, the project has helped strengthen several value chains, such as cashew nuts and rice. An example of the support given to the cashew nut sector can be found in this blog: https://apo-opa.info/3qOZDin. I can confirm that the project is genuinely meeting the population’s expectations in terms of job creation and densifying the economic landscape for small and medium-sized enterprises.

What is the initial feedback you are getting on the project’s impact on its beneficiaries?

“The project has helped to change the lives of millions of young people and women in all regions of Senegal. The testimonials we receive every time we carry out a monitoring exercise reassure us of the relevance of the support provided by the Bank. Moreover, another of the project’s significant impacts is that it has aroused interest among financial institutions in small and medium-sized enterprises run by young people, which they had considered too risky in the past. These institutions are no longer reluctant to grant loans to young entrepreneurs.”

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

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As global power structures shift, Invest Africa convenes The Africa Debate 2026 to redefine partnership in a changing world

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February 6, 2026

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The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation

LONDON, United Kingdom, February 5, 2026/APO Group/ –As African economies assert greater agency in a rapidly evolving global order, Invest Africa (www.InvestAfrica.com) is delighted to announce The Africa Debate 2026, its flagship investment forum, taking place at the historic Guildhall in London on 3 June 2026.

Now in its 12th year, The Africa Debate has established itself as London’s premier platform for African investment dialogue since launching in 2014, convening over 800 global decision-makers annually to shape the future of trade, finance, investment, and development across the continent.

Under the theme “Redefining Partnership: Navigating a World in Transition”, this year’s forum will focus on Africa’s response to global economic realignment with greater agency, ambition and economic sovereignty.

The Africa Debate puts Africa’s priorities at the centre of the conversation, moving beyond traditional narratives to focus on ownership, resilience and long-term value creation.

“Volatility is not new to Africa. What is changing is the opportunity to respond with greater agency and ambition,” says Invest Africa CEO Chantelé Carrington.

“This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy — so African economies can take greater ownership of their growth. Success will be defined by how effectively we turn disruption into leverage and partnership into shared value.”

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation.

Key challenges driving the debate

Core focus areas for this year’s edition of The Africa Debate include:

This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy

Global Realignment & New Partnerships

How shifting geopolitical and economic power structures are reshaping Africa’s global partnerships, trade dynamics and investment landscape.

Financing Africa’s Future

The growing need to reform the global financial architecture, new approaches to development finance, as well as the strengthening of market access and financial resilience of African economies in a changing global system.

Strategic Value Chains

Moving beyond primary exports to build local value chains in critical minerals for the green economy. Also addressing Africa’s energy access gap and mobilising investment in renewable and transitional energy systems.

Digital Transformation & Technology

Unlocking growth in fintech, AI and digital infrastructure to drive productivity, inclusion, and the next phase of Africa’s economic transformation.

The Africa Debate 2026 offers a unique platform for high-level dialogue, deal-making, and strategic engagement. Attendees will gain actionable insights from leading policymakers, investors and business leaders shaping Africa’s economic future, while building strategic partnerships that define the continent’s next growth phase.

Registration is now open (http://apo-opa.co/46b19gj).

Distributed by APO Group on behalf of Invest Africa.

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Zion Adeoye terminated as Chief Executive Officer (CEO) of CLG due to serious personal and professional conduct violations

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February 6, 2026

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After a thorough internal and external investigation, along with a disciplinary hearing chaired by Sbongiseni Dube, CLG (https://CLGglobal.com) has made the decision to terminate Zion Adeoye due to serious personal and professional conduct violations. This process adhered to the Code of Good Practice of the Labour Relations Act, ensuring fairness, transparency, and compliance with South African law.

Mr. Adeoye has been held accountable for several serious offenses, including:

  • Making malicious and defamatory statements against colleagues
  • Extortion
  • Intimidation
  • Fraud
  • Misuse of company funds
  • Theft and misappropriation of funds
  • Breach of fiduciary duty
  • Mismanagement

His actions are in direct contradiction to our firm’s core values. We do not approve of attorneys spending time in a Gentleman’s Club. CLG deeply regrets the impact this situation has had on our colleagues and continues to provide full support to those affected.

We want to express our gratitude to those who spoke up and to reassure everyone at the firm of our unwavering commitment to maintaining a respectful workplace. Misconduct of any kind is unacceptable and will be addressed decisively.

We recognize the seriousness of this matter and have referred it to the appropriate law enforcement, regulatory, and legal authorities in Nigeria, Mauritius, and South Africa. We kindly ask that the privacy of the third party involved be respected.

Distributed by APO Group on behalf of CLG.

 

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The International Islamic Trade Finance Corporation (ITFC) Strengthens Partnership with the Republic of Djibouti through US$35 Million Financing Facility

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February 6, 2026

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This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties

JEDDAH, Saudi Arabia, February 5, 2026/APO Group/ –The International Islamic Trade Finance Corporation (ITFC) (https://www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has signed a US$35 million sovereign financing facility with the Republic of Djibouti to support the development of the country’s bunkering services sector and strengthen its position as a strategic regional maritime and trade hub.

The facility was signed at the ITFC Headquarters in Jeddah by Eng. Adeeb Yousuf Al-Aama, Chief Executive Officer of ITFC, and H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti.

The financing facility is expected to contribute to Djibouti’s economic growth and revenue diversification by reinforcing the competitiveness and attractiveness of the Djibouti Port as a “one-stop port” offering comprehensive vessel-related services. With Red Sea Bunkering (RSB) as the Executing Agency, the facility will support the procurement of refined petroleum products, thus boosting RSB’s bunkering operations, enhancing revenue diversification, and consolidating Djibouti’s role as a key logistics and trading hub in the Horn of Africa and the wider region.

We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth

Commenting on the signing, Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, stated:

“This financing reflects ITFC’s continued commitment to supporting Djibouti’s strategic development priorities, particularly in strengthening energy security, port competitiveness, and trade facilitation. We are proud to deepen our partnership with the Republic of Djibouti and contribute to sustainable economic growth and regional integration.”

H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti, commented: “Today’s signing marks an important milestone in the development of Djibouti’s bunkering services and reflects our strong and valued partnership with ITFC, particularly in the oil and gas sector. This collaboration supports our ambition to position Djibouti as a regional hub for integrated maritime and logistics services. We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth.”

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties.

Since its inception in 2008, ITFC and the Republic of Djibouti have maintained a strong partnership, with a total of US$1.8 billion approved primarily supporting the country’s energy sector and trade development objectives.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

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