The Spanish Development Financing Company (COFIDES) and the Senegalese Sovereign Fund for Strategic Investments (FONSIS) have signed a landmark joint institutional declaration in Dakar. This declaration solidifies a strategic alliance aimed at bolstering Spanish private investment in Senegal and across the West African region.
This collaboration between COFIDES and FONSIS is designed to create a voluntary framework for cooperation, focusing on enhancing partnership between Spanish companies and Senegalese private and public sectors. Both institutions share a strong foundation of experience in promoting economic development through financial support to the private sector, making them pivotal players in the international forums of sovereign wealth funds.
COFIDES and FONSIS are both active members of the International Forum of Sovereign Wealth Funds (IFSWF) and the One Planet Sovereign Wealth Funds (OPSWF) initiative. Their partnership will leverage complementary strengths to drive investment in sectors critical to the region’s development, such as renewable energy and infrastructure, where Spanish companies have established global leadership.
The signing of this joint declaration took place during the official visit of the Spanish Prime Minister and the Minister of Economy, underscoring the importance of strengthening economic ties between Senegal and Spain. The agreement emphasizes the provision of robust financial support for Spanish investors eager to explore the significant opportunities within Senegal and the broader West African region, especially in strategic sectors that are key to the region's sustainable development.
Babacar Gning, CEO of FONSIS, highlighted the significance of this partnership: "This strategic alliance between FONSIS and COFIDES marks a pivotal moment in our efforts to attract and facilitate impactful investments in Senegal and across West Africa. Our partnership not only underscores the strong economic ties between Senegal and Spain but also highlights our shared commitment to sustainable development. We are confident that this collaboration will catalyze transformative projects that align with our vision of fostering economic growth, creating jobs, and promoting innovation in key sectors such as renewable energy and infrastructure. FONSIS is proud to partner with COFIDES to unlock new opportunities and drive long-term prosperity for our nations."
Ángela Pérez, Chairperson and CEO of COFIDES, echoed this sentiment: "COFIDES and FONSIS are ready to join forces to finance investments led by the private sector in strategic sectors of interest to both countries. We believe that this joint declaration is a key first step to strengthen economic collaboration between Senegal and Spain. We particularly value the stability and excellent investment climate that Senegal offers our companies. COFIDES is committed to contributing its extensive experience to support Spanish investors as they explore new opportunities in Africa."
ABOUT COFIDES
Founded in 1988, the Spanish Development Financing Company (COFIDES) is a state-owned trading company that manages state funds, as well as its own resources and those of third-party institutions. COFIDES's mission is to support the internationalization of the Spanish economy, attract foreign investment into strategic sectors in Spain, promote the impact economy, and contribute to global economic development. COFIDES is also instrumental in strengthening the solvency of Spanish companies, particularly in response to challenges such as the COVID-19 pandemic. COFIDES’s shareholders include the Spanish State, Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell, and CAF-Development Bank of Latin America.
ABOUT FONSIS
The Senegalese Sovereign Fund for Strategic Investments (FONSIS) was established by Law 2012-34 on December 31, 2012, as a cornerstone of Senegal’s economic development strategy. Fully owned by the State of Senegal, FONSIS operates as a strategic investor, focusing on high-impact projects that drive the country's long-term growth and economic diversification. Through direct investments and thematic or sectoral funds, FONSIS channels resources into critical sectors such as healthcare, agriculture, infrastructure, energy, and industrial development.
Since its inception in 2014, FONSIS has mobilized over a billion dollars in project investments across Senegal’s priority sectors. With a mission to enhance public-private partnerships, FONSIS is dedicated to fostering a dynamic investment environment that generates employment, promotes innovation, and supports the sustainable transformation of Senegal's economy.
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