Launched in February 2014 in Paris by H.E. President Macky SALL, this ambitious programme called PSE “Plan Senegal Emergent”- the Senegal Emerging Plan was presented before the major public and private sector investors as Senegal’s “New Deal” moving forward.
It intends to engage the country in a sustainable dynamic momentum, led by strong and inclusive growth, job creation and the preservation of the country’s environment and natural resources.
The PSE aims to position the country by 2023, as a regional economic and infrastructure hub in agro-industry, energy, construction, logistics, mining, road and rail-road transportation, tourism and Services, with the private sector as a key partner to realizing that vision.
- To drive the process of transformation of the structure of the economy, by focussing on wealth creation and employment;
- To promote human capital, widen the access to social protection, preserving at the same time the conditions of sustainable development;
- To meeting the requirements for of good governance and regional integration.
The PSE has the following economic and social goals to attain in the next decade:
- A sustainable growth rate of 7 – 8%
- The creation of 600,000 formal jobs
- GDP per capita of $1500 USD
18 key projects have been highlighted for Public Private Partnership
A 5 year Priority Actions Plan (PAP) was put in place in order to operationalize the decennial Emerging Senegal strategic plan with the aim of reinvigorating both economic and social growth. The global cost of this action plan is 19.1 billion US Dollars.
The Priority Actions Plan (PAP) has identified 26 priority projects of which 18 of them are in search of financing through Public –Private Partnerships.
In order to bridge the funding gap of 30% (6 million US Dollars), the Senegalese government is seeking financing from its traditional partners to raise another $3.7 billion US Dollars, and funding from the private sector to raise some $2.2 billion US Dollars through the framework of Public – Private Partnerships.
The attractiveness of Investing in Senegal:
- The 2nd largest economy of the “UEMOA” (Economic and Monetary Union West Africa) region of a common CFA currency indexed to the Euro: a market of 80 million consumers;
- A competitive country in the ECOWAS zone of 300 million consumers;
- 6.7 to 7% growth rate predicted for 2015;
- A harmonized legal environment (OHADA) with an annual inflation only 1.1 %;
- Else, Senegal has a population of 13.2 million, at 53.7 per cent urban, mostly young and highly qualified with a good quality of life.
- Also, a new Public Private Partnership Act has been adopted by the Parliament on Feb. 10 2014 in replacement of the 2004 BOT Act which was already amended in 2009; all aiming at making the investment climate more attractive.