The Government of Senegal and the Bank for the Development of West Africa (BOAD) (www.BOAD.org) have signed a Memorandum of Understanding establishing a framework for a strategic partnership based on the development of the country’s public assets.
This innovative mechanism is designed to strengthen Senegal’s financing strategy, strengthen its financial performance, and support its development goals while improving resource mobilization. The Fund for the Development of Senegalese Assets (FOVAS) is structured around leveraging the economic potential of the country’s infrastructure, and the income generated from these assets will be used to diversify sources of financing and provide sustainable support for the country’s economic growth.
Under this partnership, BOAD will provide financial structuring expertise and act as a catalyst to attract private investors and international development partners. This initiative will help states integrate strategic infrastructure within dedicated vehicles to mobilize additional resources and improve the quality of services provided to citizens.
Cheikh Dibba, Minister of Finance and Budget, said: “This agreement is a major step forward for Senegal. FOVAS is more than just a financial mechanism; it reflects the country’s efforts to structure the economic use of public assets to create greater value, increase fiscal flexibility and strengthen the financing of development processes. We are confident that BOAD’s expertise will help make this effort a success.”
“This partnership reflects the shared commitment of BOAD and the Government of Senegal to work together to accelerate financing. Our role consists of supporting the Government of Senegal to unlock the potential value of its strategic assets, thereby securing sustainable investments and strengthening the country’s fiscal resilience in the interest of regional integration,” emphasized Serge Ekuet, President of BOAD.
Distributed by APO Group on behalf of Banque Ouest Africaine de Développement (BOAD).
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About the Bank for West African Development (BOAD):
The Bank for West African Development (BOAD) is the common development financial institution of the countries of the West African Monetary Union (WAMU). It is an international public organization whose purpose, as set out in Article 2 of its Articles of Incorporation, is to promote the balanced development of its member states by financing priority development projects and to promote economic integration within West Africa. Certified by three climate finance institutions (GEF, AF, GCF). Since 2009, BOAD has sat as an observer at the UNFCCC and actively participates in discussions on the development of an international climate finance system. Since January 2013, it has been home to the first Regional Cooperation Center (RCC) on the Clean Development Mechanism (CDM). Its purpose is to provide direct support to governments, NGOs and the private sector in identifying and developing CDM projects. Since October 15, 2023, the Bank has served as co-chair of the International Development Finance Club (IDFC) and as of February 27, 2025, holds the sole chairmanship of the club. The club brings together 27 national, regional and multilateral development banks from around the world.
About the Republic of Senegal:
A founding member of the West African Economic and Monetary Union (WAEMU), Senegal is located on the western tip of Africa, bordering Mauritania, Mali, Guinea, Gambia and Guinea-Bissau. The country of approximately 18 million people actively participates in regional integration mechanisms, especially the monetary, fiscal, and regulatory components. A diversified and growing economy contributes significantly to the overall performance of the zone. Senegal therefore plays an important role in implementing and strengthening community policy.
