By Ayomide Otitoju
Senegal’s Ministry of Finance and Budget and the West African Development Bank (BOAD) have signed a Memorandum of Understanding (MoU) to establish a new strategic partnership aimed at strengthening the country’s public asset development and enhancing long-term financing capacity.
The agreement introduces an innovative framework designed to bolster Senegal’s financing strategy, improve resource mobilization and support national development goals. Central to the initiative is the newly created Senegal Asset Development Fund (FOVAS), which will leverage the economic value of public infrastructure and reinvest revenue generated from these assets to diversify funding sources and drive sustainable economic growth.
Under the partnership, BOAD will contribute its expertise in financial structuring and act as a catalyst for attracting private investors and international development partners. The initiative also aims to consolidate key national infrastructure assets within a dedicated vehicle to mobilize additional resources for the state and enhance service delivery for citizens.
Minister of Finance and Budget Cheikh Diba described the agreement as a significant milestone for Senegal, noting that FOVAS represents the government’s commitment to unlocking greater value from public assets, increasing fiscal flexibility and strengthening financing for development.
“The FOVAS, more than just a financial mechanism, reflects the State’s drive to structure the economic leveraging of public assets in a bid to create greater value,” he said. “We are confident that BOAD’s expertise will be instrumental to the success of this initiative.”
BOAD President Serge Ekue said the partnership underscores a shared commitment to accelerating development financing, adding that the bank’s role will focus on helping Senegal unlock the value of its strategic assets to ensure sustainable investment and reinforce financial resilience, contributing to broader regional integration.
