FONSIS makes its investments considering their impact on people and the environment. The investments of the Sovereign Fund aim to create national champions, contribute to develop local production instead of importing, in order to consolidate national sovereignty over key sectors, while preserving the country's environmental capital.
The achievements generated thousands of direct jobs and enabled to develop the local economic fabric, with the development or strengthening of value chains (profits for suppliers, distributors and customers). By the end of 2019, the investments made will create more than 36,000 jobs over the next 10 years.
When investing, FONSIS is always pursuing these goals: Strengthening national self-reliance in the various investment sectors, catalyzing investments for an active participation of the private sector, seeking the best final cost for populations. Examples below are illustrations of this.
- Heath and pharma |
In 2015, the first project financed by FONSIS, POLIMED Medical Imaging Centre became operational. Located within Mbour Hospital premises, it delivers health services in the following specialties: ultrasound, radiology, CT and endoscopy, hysterosalpingography, hysteroscopy, obstetric ultrasound. Over the past 5 years, more than 100,000 patients have been able to benefit from POLIMED’s health services, with a positive impact on maternal and child health. Mbour is a city that interacts between regions, as a result, POLIMED contributes to the geographical rebalancing of the distribution of health services, while providing international standards services at a cost similar to the public service.
FONSIS is partnering with the Ministry of Health, in order to build health facilities (Imaging centers, hospitals) and to foster the development of the pharmaceutical industry. This issue is highly strategic. Indeed, in 2019, Senegal imported about 80 to 85% of drugs used across the country. Parenterus, a transaction of FONSIS, carried out with private players in the pharmaceutical industry, enables to produce locally intravenous fluids, with a target of 12 million vials/year. This will secure the supply of healthcare facilities in Senegal. Furthermore, FONSIS invests in projects, aiming to strengthen the pharmaceutical fabric, in order to produce locally drugs.
The development of the health and pharma sector will contribute to the improvement of the quality of healthcare and to develop a strong pharmaceutical industry, meanwhile curbing the illegal trafficking of counterfeit drugs. As a result, people’s health can be better preserved, thereby ensuring that the economy has a strong workforce.
The Covid-19 crisis has shown how sensitive the management of this sector is, and the disastrous consequences of its disruption.
- Agribusiness |
DB Foods has produced almost 1,000T in its first year and has been able to build a real value chain around its business, thanks to a network of more than 200 farmers to whom access to market is granted, while creating more than 500 daily jobs and as many indirect jobs for people living there.
This production enabled to meet the rice needs of 12,500 persons, compared to the average consumption of 80 kg/year/person. The Company provides also modern packaging to other local farmers.
- Energy and water |
FONSIS invests in cleaner energy. Thus, several photovoltaic power plants have been built with the agreement of local communities. In addition to providing employment opportunities, those plants support people living there through actions aiming to upgrade their agricultural systems, the setting up of funds to develop new income-generating activities and CSR activities as well.
FONSIS’s investments contribute to the diversification of the energy mix in Senegal, with a target of 30% by 2035, as stated in the National Development Program (PSE). Diversifying the energy mix will result in cleaner and affordable energy, fostering the development of business activities. The PV power plants installed allow to meet the needs of more than 900,000 households. The ecological impact is 314 tons of greenhouse gases emissions avoided per year.
Gas exploitation opens up opportunities for Réseau Gazier du Sénégal (RGS), a transaction of FONSIS alongside two key players in the energy sector in Senegal, the Senegalese National Oil Company (PETROSEN) and the National Electricity Company of Senegal (SENELEC).
RGS is in charge of the construction of the domestic gas pipeline. In addition to domestic and professional uses, RGS will be key in helping transition away from fuel oil fired plants to cleaner and environmentally friendly energy. This least-cost power will foster the development of stronger industries. Gas may also be useful for other sectors such as agribusiness, through fertilizer production. This could result in scaling-up the agricultural production, with higher outputs.