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Senegal: New fund to finance youth self-employment

President Macky Sall, announced the establishment of a new youth employment promotion instrument called the "Delegation to Rapid Entrepreneurship".

Devdiscourse News Desk
Updated: 02-04-2018 18:17 IST
Senegal: New fund to finance youth self-employment

In Senegal, informal employment and self-employment account for 92 percent, 64 percent of which is generated by the informal rural sector. (Image credit: Flickr)

"As part of the promotion of self-employment, I decided to substantially strengthen the funding of the ANPEJ while putting in set up a new financing mechanism: the Rapid Entrepreneurship Delegation, with a fund of 30 billion CFA Franc". It is by these words that Senegalese President Macky Sall announced the official launch of a new mechanism for financing self-employment while addressing thousands of people.

Reported by La Tribune, the President recalled that the State-employer agreement, with the amendments to the labour legislation, introduced the internship contract to improve the employability of young people and promote their insertion professional.

Aware of the fact that the future of youth passes through education and training and the chance that Senegal has a population of mostly young people, President Sall promised young people that the government will succeed in all the conditions to enable them to build their future up to their expectations.

30 billion CFA francs will be dedicated to the self-employment of young people and women, along with simplified procedures, to support their projects.

In Senegal, self-employment account for 92 percent. The number of young workers entering labor market each year (10 percent of cohorts aged 15-24) was estimated 269,000 in 2010, as per La Tribune.

This number will reach 376,000 in 2025 and 411,000 in 2030, according to the Agricultural and Rural Foresight Initiative (IPAR), a Senegalese think tank specializing in public policies in the agricultural and rural sector in West Africa.

According to the latest quarterly report of the National Survey of Employment in Senegal (ENES-3 2017), published by the National Agency for Statistics and Demography (ANSD), the unemployment rate for 15 years or older is valued at 10.8 percent.

According to the same source, unemployment is slightly higher in urban areas where 13.8 percent of the active population is unemployed compared to 7.6 percent in rural areas, affecting more women (16.5 percent) than men ( 5.9 percent).

COUNTRY : Senegal