afrol News, 9 October - International Fund for Agricultural Development (IFAD) has announced its plan to finance a US$15 million project in Senegal, which aims to assist poor communities living in west African nation's "groundnut basin."

This UN agency tasked with alleviating plight of world's rural poor said it will give a loan of nearly $14.9 million and a grant of $270,000 to Senegal to support about 36,000 family-run farms, according to a press release issued by Rome-based outfit.

Groundnut basin, focused on central and southern Senegal, was once country's most vibrant agricultural region. However, a combination of climate change, continued land degradation and extended sag in global groundnut markets have brought a steady economic decline in area, hence forcing many rural families into poverty.

Under project, farmer organisations will be strengthened, so that members have a greater say in decision-making processes regionally and nationally, hopefully leading to more equitable distribution of profits and increased market access.

According to IFAD, project will particularly target vulnerable smallholder farmers with limited family labour, women and girls, and underemployed people aged between 18 and 30.

So far agency is said to have already funded 14 rural development projects across Senegal worth about US$150 million.

By staff writer

© afrol News

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