Senegal’s Fongip launches national plan to fund women entrepreneurs
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In Senegal, the Fonds de garantie des investissements prioritaires (Fongip) began a three-year national plan to increase financing for women entrepreneurs.
The plan involves banks and microfinance institutions across all regions of the country. Fongip launched the initiative after finding that women received only 14.3% of the credit the organization guaranteed in recent years. Ndèye Fatou Mbodj Diattara, the Administrator General of Fongip, stated that supporting women’s businesses is an investment in Senegal’s future.
The plan aims to address barriers women face in accessing credit, including a lack of sufficient collateral and low levels of personal funds. The agreement establishes a framework for public actors, financial institutions, and technical partners to work together. It focuses on four goals: increasing financial inclusion, providing comprehensive financial and non-financial support, improving productivity and value sharing, and reducing inequalities in accessing resources.
The plan will target micro, small, and medium-sized enterprises with high potential, and organizers expect results by the end of 2029. Fongip will offer guarantees covering up to 80% of loan requests and portfolio guarantees up to 25 million CFA francs.
