Senegal has secured pledges worth $7.8 billion at a donor conference of public and private investors in Paris as it seeks capital to fund its developmental plan.

Although the French speaking county’s target was $6.10 billion, its ability to exceed that amount by $1.7 billion indicates a improved level of confidence from foreign investors in its economic opportunities. It is considered one of West Africa’s most stable political economy.

“This shows that Senegal has won the confidence of donors, but that means we do not have the right to fail this trust. We have to make sure we put this plan in motion,” Macky Sall, President of Senegal told reporters.

The plan, dubbed Emerging Senegal, is a 10-year strategy with a cost implication of about $21 billion, aimed at doubling economic growth rate by enhancing and improving the agricultural, tourism and mining sectors.

The country has however decided to start with a four year plan aimed at boosting economic growth from the current 4.6 per cent to 7 per cent and slash budget deficit from 5.4 per cent to 3.9 per cent.