Innovative Financing and the Revitalization of Cultural Tourism in Senegal: Opportunities and Challenges in Mobilizing Green Bonds and Public-Private Partnerships (African Scientific Journal)

Summary

• Tourism contributed nearly 7% to Senegal's GDP and around 8% to jobs in 2022, according to the 2023 ANSD general business census.p.9
• The seaside segment dominates Senegal's tourism offer, accounting for nearly 54% of the market.p.5
• The SERRP project in Saint-Louis carries a budget of $93.3 million to strengthen coastal resilience and address erosion risks.p.14
• The WACA Resilience Investment Project mobilized $220 million in US dollars in 2023 from multilateral green funds.p.15
• IFC invested and mobilized $293 million in Africa over the last five years, with an equity portfolio of $140 million for 17 projects as of June 2024.p.18
• Ivory Coast's 'Sublime Côte d'Ivoire' (2018–2025) program targets the creation of 700,000 direct and indirect jobs and 5 million tourists annually.p.19

Key insights

1. Cultural tourism remains insufficiently integrated into green financing schemes in Senegal due to limited project structuring and strict eligibility criteria.p.2
2. Senegal is trying to diversify its tourism sector away from seaside dominance by supporting cultural tourism, business tourism, and ecotourism.p.5
3. Public-private partnerships were leveraged for strategic infrastructure projects such as the construction of Blaise Diagne International Airport (AIBD).p.6
4. Financing from major environmental programs like WACA and SERRP indirectly supports cultural tourism by protecting coastal heritage sites.p.15
5. Innovative tools like green bonds and public-private partnerships offer long-term capital for eco-friendly tourism infrastructure in Senegal.p.21