en.Wedoany.com Reported - German investors have pledged €122 million for Senegal's green economy and automotive projects following a visit to Berlin by Senegalese President Bassirou Diomaye Faye. This commitment comes as Dakar strengthens its investment environment through measures such as revising the Investment Code.

The funding pledge specifically includes a €120 million agreement between German engineering firm GAUFF Engineering and Senegal's rural electrification agency ASER. The agreement, expected to be signed in the coming days, aims to extend electricity supply to 750 villages. Additionally, the state development bank KfW has pledged €20 million to finance the green transition of small and medium-sized enterprises in Senegal, targeting support for greenhouse gas emission reductions.

In the automotive sector, commercial vehicle manufacturer Daimler Truck has announced plans to invest in vocational training and establish a supply chain for electric commercial vehicles, setting a target of 5,000 vehicles per year in production capacity and up to 150,000 jobs. A consortium comprising companies such as United Energies, GIZ, TAL, and ISEP has also agreed to promote the development of a local value chain for light electric vehicles in Senegal, likewise aiming for 5,000 locally manufactured vehicles per year.

These investment commitments follow Senegal's adoption of a new investment law in September. The law strengthens investor protection and guarantees equal treatment for domestic and foreign investors, replacing an outdated framework that had not been updated for 21 years. The new law also reduces the processing time for investment applications to ten working days through a digital single window system.

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