© Xaume Olleros /RTI International

SENEGAL Naatal Mbay

Cereal Value Chains

AGRICULTURAL LEASING
In Senegal, leasing offers a private sector option for improving
agricultural mechanization. It finances the acquisition of heavy
agricultural equipment with the prospect of transfer of ownership
at the end of the lease. Its simplified collateral rules facilitate access
to agricultural and processing equipment, which has supported the
emergence of a dynamic new generation of agricultural service
companies.
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INTRODUCTION

T
he US Government’s Feed the Future
initiative was launched in Senegal in
2011 and has since supported the
development of the country’s rice, maize, and
millet value chains in the north, the center,
and the south of the country. Increasing the
competitiveness of smallholders requires access
to efficient mechanized land preparation and
harvesting services. Feed the Future has thus
supported LOCAFRIQUE in the deployment
of this new approach to equipment financing
to enable the private sector to contribute to
inclusive agricultural intensification, coordinating
with and complementing Government of
Senegal (GOS) subsidy programs.
© RTI International

BACKGROUND
Historically, leasing in Senegal was mainly geared towards non- cereal value chains. Supported by Senegal’s plan for an emerging
agricultural activities such as heavy equipment for construction economy (PSE - Plan Sénégal Emergent), the Government of
and public works, and vehicles. Mechanization in agricultural Senegal has subsidized the acquisition of a significant fleet of
areas is still limited and depends heavily on GOS support for agricultural equipment by stakeholders in rural areas, notably in
expansion. The development of cereal value chains, especially for the Senegal River Valley (SRV). However, the dynamic growth
rice, requires a level of intensification that must be supported observed over the last few years in the Senegal River Valley
by the mechanization of agricultural activities such as soil prompted LOCAFRIQUE to offer leasing as a means of financing
preparation, harvesting, logistics, and processing. However, such emerging companies to provide services and processing of
investments are justified only if they are grounded in a profitable, agricultural products.
commercial dynamic, which until 2013 was not the case for most

Exchange Rate : Financial data originally presented in this note has been
converted at the standard project exchange rate of US$ 1.00 = 500 FCFA.

PHOTO. PAGE 1 PHOTO. PAGE 2

Ibrahima Sall and his company, Coumba Nor Thiam S.A., a pioneer service The use of combine harvesters in the Senegal River Valley has increased
provider in the Valley, have relied on leasing to expand his fleet of equipment. significantly.

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 AGRICULTURAL LEASING

COMPARATIVE ANALYSIS OF
THE TYPES OF FINANCING
FOR AGRICULTURAL
TECHNOLOGY MECHANIZATION
DESCRIPTION

Agricultural leasing seeks to facilitate and promote agricultural

mechanization through the engagement of financial institutions TRADITIONAL SUBSIDY LEASE
(FI) that buy heavy agricultural equipment from equipment LOAN
manufacturers, becoming the equipment owners themselves.
The FI then leases the equipment out to agricultural service
organizations, in a rent-to-own scheme, collecting monthly leasing
fees for use of the equipment. The lease maturity date is adjusted
to the situation, but most of the time it is calculated with a view
to amortizing more than 90 percent of the value of the equipment
and the cost of financing. The remaining balance is refinanced JUSTIFICATION
through a new lease or settled through the definitive purchase of
the equipment by the lessee. Investment Government Business plan
needs of the agricultural for provision of
The procedure for obtaining access to a lease is summarized as operator programs services
follows.The customer chooses the equipment and signs a financing PROCEDURES
contract with the leasing agency. The equipment supplier sells
the equipment and bills the leasing agency. Then he delivers the Long Administrative Short
equipment to the customer. The leasing agent charges rent to the disbursement delays disbursement
customer. At the end of the lease, the latter returns the equipment period period
in good working order to the leasing agent, or opts to purchase SOURCES OF FINANCING
the equipment and becomes the owner.
Bank credit lines Agricultural - Supplier
Leasing Takes Place Under the Following Conditions: mechanization credit
programs - Private lines
Targeting of Heavy Agricultural Equipment financed by the of credit
Leasing requires close monitoring of the working condition and GOS and its - Portfolio
the performance of each piece of equipment. It is therefore most partners guarantees
suitable for high unit value equipment such as heavy motorized TYPE OF AGRICULTURE
vehicles such as tractors and farming implements, combine
harvesters, and industrial-scale processing equipment. Private farm: - Unions and - Provision of
family farm or producer services for
Acquisition Based on Productive Capacity industrial farm Economic producers
Leasing is a medium-term financial instrument adapted to an Interest - Industrial
on-going economic activity. It aims to optimize the productive Groups (GIEs) farming and
capacity of a producer or a business entity rather than focusing - Private processing
solely on asset valuation. Leasing assumes that the full value of the companies
equipment will be factored into a business plan.
TYPE OF ACQUISITION OF AGRICULTURAL EQUIPMENT

Securing Credit Through Control of Ownership Direct purchase Agricultural Agreements

The distinguishing feature of agricultural leasing lies in its credit- of agricultural equipment with selected
securing system through the transfer of the property rights equipment by imported by suppliers
which takes place only at the end of the repayment period. In the the operator the GOS Purchases on
meantime, the leasing company can recover the equipment at any demand
time in case of non-payment of the rent, and then place it on the
secondary market. GUARANTEE

-Deposit -Subsidy -Lease

Use of External Services -Pledge -Contribution agreement
The equipment owner is obliged to maintain the equipment -Mortgage of own funds -Property
properly, and to subscribe to an insurance policy covering the Transfer
entire duration of the lease contract. Hence, it is necessary to deal
with a quality equipment supplier who can train machine operators
in proper maintenance and provide technical monitoring at the
expense of the purchaser.

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INCREA
IN FINANCIAL VOLU
RESULTING CHANGES
LEASING MAKES AGRICULTURAL MECHANIZATION
SERVICES AVAILABLE TO SMALLHOLDERS

INCREASE IN FLEET
OF AGRICULTURAL MACHINES
171
AGRICULTURAL MACHINES
76 51 25 13 6

HARVESTERS THRESHERS TRACTORS OFFSET MOLDBOARD

DISC HARROWS RIDGERS

The 76 harvesters acquired

through leasing in the SRV
can harvest 28,400 hectares.
In 2017, this represented:

40%
of the surface
INCREASE
IN PRODUCTIVE CAPACITY
MORE PRIM
CONSOL

area seeded.

Since its launch in 2012 in the Saloum region, and in 2013 Emergence of Mechanized Agricultural Service Providers
in the Senegal River Valley, leasing has become a powerful Leasing has led to a diversification of activities in the agricultural
tool for financing agricultural mechanization, adapted to the sector with the provision of mechanized agricultural services as a
context of cereal value chains. business activity in its own right. In fact, in 2018, 164 mechanized
agricultural service providers operated 256 tractors and 108
Increase in Equipment Financing, Machine Fleets, combine harvesters (76 of which were financed by leasing) in
and Productive Capacity the Senegal River Valley and helped create jobs related to soil
Leasing has made it possible to inject US$ 23.2 million (11.6 billion preparation and harvesting. Services provided by service providers
CFA francs) into the Senegal River Valley from 2012 to 2018 to to smallholder farmers and their producer groups are paid in cash,
finance the acquisition of 171 agricultural machines (tractors, in-kind or with vouchers from the Senegal National Agricultural
threshers, harvesters, offset disc harrows, and moldboard ridgers). Bank (CNCAS). In-kind payments (typically in grain) can be easily
The 76 harvesters financed through leasing represent a harvesting converted into cash by service providers at processing plants that
capacity that is capable of harvesting 28,400 hectares, i.e. 40 percent have credit lines for this purpose. Because of these diversified
of the areas seeded with rice in 2017 in the Senegal River Valley. payment options, the provision of services to smallholder farmers
As an example, the seven combine harvesters in the Brahima Fall has become a profitable activity.
GIE have harvested more than 5,000 tons. With this increase in
available heavy agricultural equipment, more and more producers Emergence of New Consolidators
have the opportunity to participate in double rice cropping in the With the possibility of being paid in-kind, mechanized agricultural
Senegal River Valley. Yields have followed an upward trend and service providers are also becoming consolidators of the paddy, the
today production exceeds seven tons of paddy per hectare during same way banks do through the integrated financing mechanism.
the hot off-season. Agriculture service providers contribute to the value chain by

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 AGRICULTURAL LEASING

ASE
UME
23.2US$ MILLION
WAS INJECTED

TESTIMONY
THROUGH LEASING
INTO THE SRV,
FROM 2012 TO 2018

EMERGENCE OF MECHANIZED
AGRICULTURE SERVICE PROVIDERS MOHAMED SAÏD FALL,
President of the SONS OF
BRAHIMA FALL, GIE

164 Hats off to leasing, the best financing

system!
mechanized agriculture
service providers in 2018 Mr. Fall started his service business with a lease for
in the SRV
a combine harvester. Before the end of the loan he
was ready to settle his debt with LOCAFRIQUE. The
leasing system allowed him to acquire one tractor
and one combine harvester in 2014, and then three
MARY OFFER tractors and three combine harvesters in 2015. Today,
LIDATORS his fleet of heavy agricultural equipment consists of
MORE SERVICES MORE JOBS nine tractors with accessories and seven combine
harvesters.

We consider this to be the most suitable type of credit

for agricultural entrepreneurs. In fact, considering the
way it works, leasing has the advantage of being like a
facilitating access to raw materials for processors and by signing finance guarantee itself. As a result, the collateral required
contracts with them. These agreements initially allowed them to
for leasing is virtually nil, compared to the amount of
convert the in-kind payments from producers into cash, paid by the
financing. It also presents a certain security for the
rice millers. The system has evolved today where some equipment
operators have become intermediaries between producers and lending institution that provides the financing. In the event
factories for the share of the crop assigned by the producers for that a borrower does not make the required payments,
marketing. In other words, there has been a diversification of the the lender recovers the financed equipment in addition
activities of the mechanized agricultural service provider, which has to the credit repayments already received.Therefore,
become one of the linchpins of the rice value chain. the lending institution enjoys significant security in the
transaction.This situation pushes the borrower to do his
Stimulating Business Opportunities Linked to Mechanization utmost to honor his commitments or lose his funding and
Agricultural leasing has led to major structural changes that
the payments he has already made.This situation ensures
positively impact all players in the cereal value chains. The rapid
that the lending institution recovers the full amount of
expansion of agricultural mechanization services has led to a
surge in production and stimulated the emergence of new jobs for credit granted.
operating and managing heavy machinery, preventive maintenance,
equipment repair, and equipment insurance.

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FACILITATION APPROACH

The implementation of agricultural leasing in Senegal was realized 3. Linking Stakeholders With Each Other
largely because of the dynamism and tenacity of LOCAFRIQUE Linking activities between the leasing institutions, the equipment
and its partners (suppliers of equipment and spare parts, credit manufacturers, and the other stakeholders made it possible to
refinancing financial institutions). Feed the Future developed a supply the national market with tractors, combine harvesters, etc.
partnership with value chain stakeholders to facilitate the effective This intermediation work made it possible to target leasing in the
roll-out of the leasing service through a number of activities. agricultural sector. During routine fieldwork, insurance companies
Activities were designed to clear a path so that both local service were encouraged to incorporate leased agricultural equipment
providers and smallholder farmers could benefit from the program. into their agricultural insurance products.
Given the importance of building on a solid financial foundation and
of determining the risk level of the loan portfolios, the facilitation 4. Development of Leasing Security Mechanisms
approach adopted by Feed the Future vests significant responsibility Feed the Future supported the launch of LOCAFRIQUE’s
with the partner. The facilitation role of the program focuses on agricultural leasing activities by developing in coordination with
linking value chain actors to capitalize on the new investment USAID’s Development Credit Authority (DCA) and the Italian
opportunity and integrate it into the value chains’ growth dynamics. Cooperation, a portfolio guarantee mechanism of more than
US$ 5 million (2.5 billion CFA francs). This facility enabled the rapid
These activities were as follows: take-off of leasing, while other private refinancing lines of credit
were subsequently developed. In 2017, a second portfolio guarantee
1. Market Prospecting and Lease Securing valued at US$ 7.1 million (3,6 billion CFA francs), this time dedicated
The initial work of identifying promising value chains led to the to logistics and storage equipment, was approved to support the
establishment of the first public-private pilot partnership, initially structural transformation of Senegal’s agricultural sector.
in the maize sector. Capitalizing on the lessons learned from this
experience made it possible to adjust and refine the system and 5. Synergies Between Leasing and Value Chain Financing
practices. Based on this early experience with maize, the leasing At the same time, Feed the Future facilitated the establishment of
system was subsequently redirected towards the irrigated rice credit mechanisms in rice processing plants for the purchase of paddy
sector in the Senegal River Valley to develop a supply of appropriate rice.Third party holding lines of credit developed in this context have
equipment with a reliable supplier partner. become a powerful tool for monetizing in-kind payments made by
producers to LOCAFRIQUE’s customer base of service providers,
2. Training and User Awareness which has helped to reinforce the viability of leasing.
Agricultural leasing extension activities through workshops, forums,
publicity campaigns, and infomercials helped to raise awareness 6. Preparing for Expansion
about leasing. The service providers and the processors applying At the request of several stakeholders in the financial sector, Feed
for leasing were trained in technical management of the equipment, the Future financed a study describing the achievements derived
accounting, and databases to strengthen their professional from the introduction of leasing in order to inspire the launching of
capacities. similar initiatives. This opportunity has captured the interest of the
Senegal National Agricultural Bank (CNCAS) which has included
the creation of a leasing desk in its 2022 strategic plan.

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 AGRICULTURAL LEASING

1 2

Market prospecting Training and user

and lease securing awareness

4 3
Development of leasing Linking stakeholders
security mechanisms with each other

5 6

Synergies between leasing and Preparing

value chain financing for expansion

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PARTNERSHIPS
AND SYNERGIES

Leasing for agricultural mechanization highlights the potential of an innovation within the banking sector can have a powerful
of public-private partnerships for promoting investment. In multiplier effect.
Senegal, the partnership between LOCAFRIQUE and Feed the
Future has made it possible to mobilize almost US$ 24 million From a business-to-business perspective, leasing facilitates links
(12 billion CFA francs) from private investment in 6 years. between the financing institutions and technology providers. It
is in the interest of financial institutions to partner with brands
The partnership developed by USAID’s Development Credit that have a solid reputation in order to preserve the value of the
Authority (DCA) with the Italian Cooperation for setting up credit guarantee. LOCAFRIQUE serves as an example through its
a start-up guarantee is a good example of pooling resources. partnership with the New Holland company, and other agreements
LOCAFRIQUE’s ability to mobilize CFA francs after the initial DCA with top tier technology providers are to be expected.
support shows how the private sector can effectively leverage
support from a development partner and maximize its impact. The success of agricultural leasing stems from the fact that the
leasing concept was effectively aligned with a pool of dynamic
CNCAS’ commitment to develop a leasing program was facilitated companies that are well integrated into cereal value chains. This
by targeted technical support and the sharing of experiences with connection to commercially-minded companies created a profitable
Feed the Future.This development demonstrates how the adoption demand for mechanized agricultural services.

THE PRIVATE SECTOR IS HERE

TO STAY: LOCAFRIQUE’S SAINT-
LOUIS REGIONAL OFFICE IN
THE SENEGAL RIVER VALLEY

Following the fast expansion of its

leasing portfolio in the Senegal River
Valley, LOCAFRIQUE, and its partner
equipment supplier New Holland,
have opened a permanent office in
Saint-Louis to stay close to its growing
client base.The leasing company is
currently seeking local partners to
provide equipment maintenance
services and ensure spare parts
distribution in order to meet growing
demand across the Valley.

8 © RTI International
 AGRICULTURAL LEASING

ACHIEVEMENTS

The introduction of agricultural leasing has made it possible

to build a solid foundation, upon which it can expand as
an alternative financing solution for private investment
in agricultural mechanization, post-harvest logistics, and
processing.

A Sustainable Hub of Activities in the Senegal River Valley

The emergence of leasing in the Senegal River Valley has generated a
critical mass of clients and equipment, making it a sustainable hub of
activities for LOCAFRIQUE, and soon to be followed by CNCAS.
This noticeable presence in rice production areas in Senegal is
encouraging the implementation of related services linked to lease
financing, namely the maintenance and upkeep of equipment, the
continuous supply of spare parts, support services for investment
projects, and technical training for operators and mechanics
specializing in heavy equipment. With the likely diversification CNCAS TO OPEN A LEASING DESK
towards logistics equipment for handling, transportation, and THAT TARGETS THE NEEDS OF
storage, even more new types of specialized jobs can be expected.
SOUTHERN PRODUCERS
Dissemination of a New Generation of Equipment Adapted
to Agricultural Intensification In the feasibility study for the opening of an agricultural
Leasing has facilitated the introduction and dissemination of high- leasing desk at CNCAS, there is clear potential due to the
performance soil preparation and harvesting equipment models, low coverage of the needs for mechanized services. CNCAS
thereby raising the technical specifications of the rice value chain plans to expand leasing to smaller-scale, light agricultural
and improving its competitiveness. The increase in the number
equipment, therefore to smallholder, family farming which is
of combine harvesters available to smallholder producers in the
Senegal River Valley in recent years is an example of a qualitative more developed in the center and the south of the country.
leap that foreshadows a true technological revolution in which silos However, a minimum funding threshold of US$ 10,000
and bulk grain transport will play a key role in keeping small farmers (5,000,000 CFA francs) is considered necessary to make
engaged. leasing profitable. To ensure success, CNCAS intends to
set up consulting and assistance services for the acquisition
Emergence of Models for Profitable and Successful of standard equipment. In general, three categories of
Service Provider Companies equipment will be covered: agricultural equipment and
Leasing programs are best targeted to companies focused on accessories, processing equipment, and transportation
agricultural service provision as their main revenue generating
equipment.
activity. Service provider companies that are leasing customers
have spontaneously created business models geared towards
small-scale producers and the role they can play as consolidation
intermediaries for processing plants.This ecosystem that integrates
and capitalizes on the productive capacity of smallholder farms is
today an asset on which the Senegal River Valley can base a strategy
of expansion and inclusive transformation. The presence of leasing
can help to boost future investments.

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CHALLENGES

TESTIMONY
Although leasing has already been implemented successfully
in the Senegal River Valley and developed in the irrigated
rice value chain, there are still challenges to be met before
expansion of the service to other areas and in other cereal MAME KHADY C. DIOP KANE,
value chains can be realized.
Head of the Saint-Louis Locafrique Agency
Access to Credit Lines
Leasing operators find it difficult to access credit lines with sufficiently Evolution of the Leasing Portfolio
low interest rates to offer business customers rates that are suitable
for the agricultural sector. at Locafrique

From Subsistence Farming to Commercial Farming The partnership with Feed the Future has allowed us,
Leasing requires a certain level of investment and economic and since the advent of the Economic Growth Project, to
financial profitability within the realm of private entrepreneurship. support our communication strategy on the benefits
Such priorities are not readily compatible with smallholder family
of leasing as an effective and adapted way to develop
farms. The challenge is to create conditions such that leasing helps
to expand access to mechanized services in low intensification
agricultural mechanization. As a result, it has enabled
areas where subsistence agriculture prevails. us to establish our position as a leader by strengthening
our financing performance in agricultural value chains
Diversification of Value Chains and particularly in the Senegal River Valley.The drop
Partnerships are being considered with more service providers to in 2016/2017 is mainly due to a stock shortage of
expand the coverage area beyond the Senegal River Valley. For this, agricultural equipment in the Senegal River Valley and the
the penetration of equipment leasing into new areas such as the introduction of State-subsidized equipment.
center and the south in the millet, maize, and rainfed rice value
chains is possible. However, this will require an adaptation and
recalibration of the commercial model to fit the lower unit cost of
the equipment used in the rainfed zones. EVOLUTION OF THE LEASING PORTFOLIO
AT LOCAFRIQUE
Position of Leasing vs. State Subsidies (Data source : Locafrique Saint-Louis)
The coexistence of leasing with the distribution of subsidized
equipment has created an element of competition that has slowed 8,93
down the expansion of this private financing model. There is
a coordination problem between these two mechanisms each
designed to improve access to agricultural equipment services.

Financial Integration
6,07 5,53
The strong growth in the mechanized service delivery business
has relied on the increased solvency of clients as a result of the 2,61
integration of services into the seasonal credit system. However,
smoother collaboration between banks and leasing companies has
yet to be developed.
2014/2015 2015/2016 2016/2017 2017/2018

Amount in million of US Dollars

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 AGRICULTURAL LEASING

OUTLOOK

The future of leasing is linked to several aspects that concern

the diversification of financial players, of sectors of activity, of
areas of intervention, and especially of ways to secure both
credit and agricultural equipment.

Leasing Market Potential © RTI International

Given the still unmet need for equipment, the leasing market
is registering new players such as CNCAS, which plans to
open a leasing desk. From the perspective of competition, this
multiplication of financial options, and also of equipment suppliers, THE BEGINNINGS OF SMALL-
will be beneficial for providers in the long run. It will also make it SCALE EQUIPMENT FINANCING
possible to expand leasing to the center and south, characterized IN SENEGAL
by family farming using small equipment.

Diversification of Equipment Financed by Leasing The agricultural equipment program known as Large-Scale
The success of combine harvesters in the Senegal River Valley Distribution Kits (DGE-Kits), is a collaboration facilitated
heralds a diversification of leasing for the financing of silos, bulk by Feed the Future between the Senegalese Association for
transport equipment, and advanced processing equipment. This the Promotion of Bottom-Up Development (ASPRODEB),
diversification will need to be accompanied by capacity building of the Sahel Industrial Company for Mechanical Engineering,
service provider companies and other leasing customers so that Agricultural Material, and Sales (SISMAR), the Food Technology
these technologies are used to their full potential. They will also Institute (ITA), the Senegalese Institute for Agricultural
require the development of new skills and small enterprises to Research/Office of Macro-Economic Analysis (ISRA-BAME),
ensure the operation and maintenance of this new generation of and CNCAS which has set up an innovative financing
equipment. mechanism for small-scale agricultural equipment with a loan
of US$ 146,000 disbursed by CNCAS for the acquisition
Emergence of a Secondary Market of 234 production kits and of processing equipment.
The financial health of the leasing market is linked to the capacity Although the value seems modest compared to the value of
of a secondary market for lease takeover in the event of default or equipment leased in the Senegal River Valley, this mechanism
non-exercise of the purchase options at the end of the lease. The is a departure from the common practice of farmers in the
creation of joint ventures with equipment dealers and mechanical southern zone relying on Government subsidies for their
maintenance companies to ensure upkeep and maintain the market mechanization needs. It paves the way for growth driven by
value of the equipment being taken over is an important way to the private sector. The initiative included the support of Naatal
enhance the development of leasing. Mbay for the training of 14 local artisans in the production and
maintenance of agricultural equipment in order to ensure the
sustainability of the program.

PHOTO : Reception in Kaolack of equipment financed

by CNCAS through ASPRODEB’s DGE-Kits Program.

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 TO LEARN MORE
• Rapport final : Recensement du matériel agricole de travail du sol et
de récolte-battage dans la Vallée du Fleuve Sénégal, CGERV, 2017,
• Rapport final : Etat des lieux des impacts des importations de riz sur
la commercialisation du riz local, Hathie I. et Ndiaye O. S., IPAR, 2015
• Senegal: building an integrated agriculture sector, USAID
Development Credit Authority, 2017
• LEO Report n°49: Case studies on facilitating systemic change: a
synthesis of cases from Ghana, Senegal, Zambia, and Rwanda, USAID,
LEO, and ACDI/VOCA, 2016

© Xaume Olleros / RTI International

This capitalization note and the publications mentioned
are available at the following address:
www.usaid.gov/senegal
www.ipar.sn/chaines-de-valeur-agricoles-au-senegal

PHOTO
The heavy soils in the Senegal River Valley require powerful tractors.

The Naatal Mbay project (Flourishing USAID is the United States Agency for The Agricultural and Rural Prospective
agriculture in Wolof), spanning four International Development, one of the Initiative (IPAR) is a space for reflection,
years (2015-2019), invested nearly US$ most active agencies in the world in this dialogue, and coordinated agricultural and
24 million (12 billion CFA francs) to field. In Senegal, USAID is working in close rural policy proposals in Senegal and in the
support the rice, maize, and millet cereal collaboration with the Government of West African region. IPAR’s main research
value chains. It has created business Senegal in the fields of health, economic topics are: (i) structural transformation of
opportunities for inclusive growth and growth, agriculture, education, and good agriculture; (ii) climate change; (iii) migration
development of the agricultural sector governance. and youth employment; (iv) sustainable
in the Delta and the Senegal River Valley, development objectives; and (v) governance
For more information :
in the southern portion of the central of natural and land resources
www.usaid.gov/senegal
peanut basin, and in the southern regions
For more information :
of Ziguinchor, Sédhiou, and Kolda. Naatal
www.ipar.sn
Mbay was implemented in the context of
Feed the Future, an initiative launched by
the Government of the United States of
America in 2011 to combat hunger and
food insecurity in the world.
For more information :
www.feedthefuture.gov

This publication is part of a series of eight thematic notes prepared in the context of key findings on the Naatal Mbay project. Produced by the
Senegalese think tank, IPAR, together with RTI International, it has been made possible thanks to the support of Feed the Future through USAID
(United States Agency for International Development), in accordance with contract no. AID-685-C-15-00001. The opinions expressed in this
document are those of the author or authors and do not necessarily reflect the views of USAID.