The Sovereign Fund for Strategic Investment (FONSIS) was created by Law 2012-34, voted on December 27, 2012 by the National Assembly of Senegal and promulgated on December 31, 2012 by the President of the Republic of Senegal Mr. Macky Sall.
FONSIS was incorporated on July 29, 2013 as a limited liability investment holding company with a board of directors. Its initial share capital of CFA francs 3 billion is wholly held by the State of Senegal. FONSIS officially launched its operations in October 2013 with the appointment of its CEO.
With this instrument, the State of Senegal, traditionally a regulator and policy-maker, will henceforth increase its investments alongside the private sector in order to boost the economy.
FONSIS is constituted as a sovereign fund with the best standard practices abiding to the Santiago Principles which govern the operation of the most reputable sovereign wealth funds in member countries of the International Monetary Fund (IMF).
The fundraising and management model applied is that of the pioneer fund Temasek, the Singapore sovereign wealth fund established in 1974 to consolidate the State’s interests in local companies. FONSIS will initially invest in Senegal only, although the Law equally provides for investments abroad.