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July 2016

Financing Côte d’Ivoire’s Emergence Starts with a Social Contract

Jacques Morisset's picture
Also available in: Français
In Côte d’Ivoire, only 15% of savings are allocated to financial institutions such as banks, microfinance companies, and mobile money accounts.
In Côte d’Ivoire, only 15% of savings are allocated to financial institutions such as banks, microfinance companies, and mobile money accounts. 

The wealthy can borrow money to finance their investment needs because bankers trust them. Those who are less well off, and who need loans the most, do not have this access and must call upon the solidarity of their family and community to finance their investments. The same logic can be used at the country level. High income countries borrow, while many poor African countries have a limited access to international capital markets. In recent years, only one fourth of sub-Saharan African countries were able to issue international bonds—and do not have any other alternative but to solicit international aid.

It’s not About Handouts, It’s About Partnership and Trust

Daniella Van Leggelo-Padilla's picture
Also available in: Français
 Pape Ndiaye, founder of Yeesal, Cherif Ndiaye, founder of Ecoles au Senegal, Daniella van Leggelo-Padilla, Thierno Niang and Mamadou Ndoye, co-founders of Rev’evolution.
From left to right: Pape Ndiaye, founder of Yeesal, Cherif Ndiaye, founder of Ecoles au Senegal, Daniella van Leggelo-Padilla, Thierno Niang and Mamadou Ndoye, co-founders of Rev’evolution.

 
“The mentality of youth in Senegal is changing. These days, young Senegalese aren’t waiting for job opportunities to fall from the sky. They are actively working towards creating them for themselves, and for other youth.” These words, spoken by 30 year old Thierno Niang, a social entrepreneur and co-founder of Rev’evolution, a youth run, self-funded start up incubator, struck a chord with me. Thierno and I were discussing his role as a panel moderator for the Youth Forum on Employment, Training, and Inclusion: A Knowledge-Sharing Event for Sub-Saharan Africa, the first ever youth event of its kind organized by the World Bank office in Senegal.