Afreximbank signs US$50 million partnership with FONSIS to support project preparation activities in Senegal

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Durban, 2 December 2021 – African Export-Import Bank (Afreximbank) has signed a Memorandum of Understanding (MOU) with Fonds Souverain d’Investissements Stratégiques (FONSIS) to provide project preparatory capital to assist public and private sector investors to progress projects from concept stage to bankability in a timely manner in Senegal. The agreement was signed on 16 November 2021 in Durban, South Africa on the sidelines of the second Intra-African Trade Fair (IATF 2021).

Afreximbank and FONSIS have established a Joint Project Preparation Facility (JPPF) which aims to mobilize up to US$50 million to accelerate the implementation of priority projects as outlined in the Government of Senegal’s national development plan dubbed “Plan for an Emerging Senegal (PES)”.

The two institutions will jointly support public and private sector investors to de-risk markets and sectors by availing financing and technical support services that will result in a steady supply of well-structured, market-ready projects. They will work together to support investors prepare projects in the following trade and investment-related sectors: Energy, Transport & Logistics, Logistical Platforms, Manufacturing, Agro-Processing, Hospitality & Tourism, Mining, Solid Minerals and Services, including Healthcare, ICT, and Creative Economy.

Afreximbank will also build the capacity of FONSIS to independently carry out project preparation and resource mobilisation activities, while making Senegal an attractive investment destination.

Mr. Amr Kamel, Afreximbank’s Executive Vice-President in charge of Business Development & Corporate Banking, commented:

We are pleased to execute this Memorandum of Understanding with one of the continent’s leading sovereign wealth funds. This partnership is in line with Afreximbank’s mandate and strategic plan, as it supports industrialization and export development activities in Senegal in the context of the AfCFTA.

I am particularly pleased with the Joint Project Preparation Facility approach, which draws on the Bank’s technical expertise and FONSIS in-depth local knowledge to jointly finance priority trade and value-added export promotion projects. The intended outcome of this intervention is the supply of well-structured, market-ready projects that Afreximbank, FONSIS and the private sector can finance.

Mr. Demba Diallo, Chief Executive Officer, FONSIS, commented:

The signing of this MoU is in line with FONSIS’s desire to enter into project co-development agreements with the ambition of implementing a joint project preparation facility with anchor partners in the medium term. The co-development of projects with Afreximbank has the advantage of facilitating the mobilisation of the Bank’s various financial instruments in order to bring projects to successful financial closure.

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About Afreximbank

African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. Afreximbank deploys innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. The Bank has a rich history of intervening in support of African countries in times of crisis. Through the Pandemic Trade Impact Mitigation Facility (PATIMFA) launched in April 2020, Afreximbank has disbursed more than US$6.5 billion in 2020 to help member countries manage the adverse impact of financial, economic, and health shocks caused by the COVID-19 pandemic. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has completed the development of a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Afreximbank is working with the AU and the AfCFTA Secretariat to develop an Adjustment Facility to support countries in effectively participating in the AfCFTA. At the end of 2020, the Bank’s total assets and guarantees stood at US$21.5 billion, and its shareholder funds amounted to US$3.4 billion. Afreximbank disbursed more than US$42 billion between 2016 and 2020. The Bank has ratings assigned by GCR (international scale) (A-), Moody’s (Baa1) and Fitch (BBB-). The Bank is headquartered in Cairo, Egypt.

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The Sovereign Fund for Strategic Investments (FONSIS) was created by Law 2012-34 adopted on December 27, 2012, by the National Assembly of Senegal and promulgated on December 31, 2012.

FONSIS was set up as a public limited company, with a board of directors, with capital fully owned by the State of Senegal.

Through the creation of this Fund, Senegal decided to adopt a new vision of development and to implement its choice to use private equity as a powerful lever for sustained economic growth that generates jobs and wealth.

FONSIS brings together national and foreign investors on strategic projects, mainly those of the Plan for an Emerging Senegal (PSE), while helping Senegalese companies to become national champions.

FONSIS invests directly or indirectly, either through thematic funds (SMEs, promotion of women, etc.) or sectoral funds (agriculture, health, etc.) that it puts in place.

Since it began operations in 2014, FONSIS has invested in Senegal in 30 deals at a total project cost of CFA F 775 billion as of October 2021, in the target sectors of Health & Pharma, Agribusiness, Renewable Energy. Ce latter accounts for half of the solar power capacity installed in Senegal.

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Media Contact

Afreximbank: Amadou Labba Sall;

FONSIS: Mamadou Moustapha Diallo;