Senegal has taken a major step toward strengthening its national financing strategy through a new partnership with the West African Development Bank (BOAD), aimed at transforming the way the country manages and leverages its public assets.
The Government of Senegal and BOAD on Monday signed a Memorandum of Understanding to establish the Senegal Asset Development Fund (FOVAS), an innovative mechanism designed to unlock the economic value of the country’s infrastructure and channel it into long-term development financing.
Under the arrangement, BOAD will provide technical expertise in financial structuring and help attract private capital and international development partners, positioning the fund as a key vehicle for mobilizing additional resources for the State. The initiative seeks to consolidate major public infrastructure assets under a dedicated entity and use the resulting revenue streams to diversify financing sources and boost fiscal flexibility.
Senegal’s Minister of Finance and Budget, Cheikh Diba, described the agreement as “a major step forward,” stressing that FOVAS goes beyond being a financial tool to become a strategic instrument for generating value from public assets and supporting national development priorities.
BOAD President Serge Ekue highlighted the shared vision behind the initiative, noting that the Bank’s role will be to help Senegal fully realize the value potential of its infrastructure portfolio while reinforcing financial resilience and supporting regional integration.
The partnership marks a significant evolution in Senegal’s financing model, aligning with broader efforts across West Africa to improve resource mobilization, strengthen economic performance, and leverage public assets more efficiently.
