Senegal - Resource Mobilisation and Investment Attractiveness Institutional Support Project (PAIMRAI) (AFDB-P-SN-KA0-015)

Countries
  • Senegal
Where the impacts of the investment may be experienced.
Financial Institutions
  • African Development Bank (AFDB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jul 17, 2019
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
GOUV. DU SENEGAL /MINISTERE DE L'ECO. DES FINANCES ET DU PLAN
The holder of the loan, grant, or other investment.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 7.80 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported U.A 10,840,000
Converted using 2019-07-17 exchange rate.
Primary Source

Original disclosure @ AFDB website

Updated in EWS Jun 14, 2020


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Project Description

The Resource Mobilisation and Investment Attractiveness Support Project (PAIMRAI) is designed to assist Senegal in its efforts to foster strong, sustainable and job-creating economic growth. Specifically, it involves building resource mobilisation capacity to promote competitiveness in the direction set out in the Emerging Senegal Plan (PSE). The project will focus on the effective implementation of reforms in special economic zones, the preparation of a new investment code as well as on industrial competitiveness policy. The dual fiscal challenge is to improve revenue while promoting investments. Hence, the project has three (3) complementary components: (i) strengthen tax policy and administration of financial authorities for revenue mobilisation (ii) competitiveness and structuring of PSE strategic projects, and (iii) project management. Project activities will last 48 months, with an estimated total cost of UA 12.04 million, net of taxes and customs duties.

The project's overarching objective is to strengthen the capacity to mobilise domestic resources for Emerging Senegal Plan (PSE) financing, and to enhance investment competitiveness and attractiveness in key sectors.

The project's main direct beneficiaries are the State structures that will be provided with institutional capacity building, including Directorate General for Taxes and Lands (DGID), Planning and Economic Forecasting Department (DGPPE), General Directorate of Public Accounting and Treasury (DGCPT), Public Expenditure Authorisation Directorate (DODP), Operations Monitoring Office (BOS), National Agency for Investment and Major Works Promotion (APIX), the Senegalese Standards Association, the Ministry of Industry and the Ministry of Economy. The indirect beneficiaries will be taxpayers, whose tax transaction costs will be reduced, and the Senegalese people through the jobs created by investments attracted.

Investment Description
  • African Development Bank (AFDB)
Contact Information

ARVANITIS Yannis

y.arvanitis@afdb.org

ACCOUNTABILITY MECHANISM OF AfDB

The Independent Review Mechanism (IRM), which is administered by the Compliance Review and Mediation Unit (CRMU), is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an African Development Bank (AfDB)-financed project. If you submit a complaint to the IRM, it may assist you by either seeking to address your problems by facilitating a dispute resolution dialogue between you and those implementing the project and/or investigating whether the AfDB complied with its policies to prevent environmental and social harms. You can submit a complaint electronically by emailing crmuinfo@afdb.org, b.kargougou@afdb.org, b.fall@afdb.org, and/or s.toure@afdb.org. You can learn more about the IRM and how to file a complaint at https://www.afdb.org/en/independent-review-mechanism/.