(Ecofin Agency) - National Fund for Agricultural Loans (CNCAS) will benefit from a refinancing line worth CFA5 billion approved June 27 by the West African Development Bank (BOAD), Agence de presse sénégalaise (APS) reports.

 BOAD says the fund will be used to “consolidate CNCAS’ financial resources to meet agricultural input suppliers’ cash requirements”. This covers the acquisition of about 40,500 tons of inputs, including 3,000 tons of rice seeds and 37,500 tons of urea and NPK mineral fertilizers during the 2018/2019 season.

In Senegal, agriculture sector employs 60% of the working population, according to AfDB. So far, the sector captured CFA195.5 billion in 2018.

Espoir Olodo