INVESTMENT PROMOTION

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The major objective of the Investment Promotion Project is to assist Senegal's efforts to promote productive investments, notably, in export-oriented industries. To that effect, IFC will participate in SOFISEDIT's capital increase. In addition, the project will provide: (a) SOFISEDIT with equity and term resources to make sound investments in the industrial, fisheries and tourism sectors; (b) technical assistance to strengthen SOFISEDIT financially and institutionally; (c) support to SONEPI and thereby improve the promotion of small- and medium-scale enterprises; (d) funds to study and identify appropriate changes in Government policies and procedures to enhance productive investments; and (e) training for the Ministry of Industrial Development and Artisans. By providing technical and financial assistance to productive investments, the project will help increase participation of local entrepreneurs in the industrial sector and create employment. In the longer term, the project will build up SOFISEDIT's capacity to promote and supervise efficiently sub-projects in the industrial, fisheries and tourism sectors and help the Government and SONEPI streamline their investment promotion role.