Agence Ecofin - Oyass Capital aims for a total of 50 billion FCFA (82.1 million dollars). The additional amount will be mobilized by public and private entities after this initial closing.

The Senegalese investment fund OyassCapital has completed an initial closing by mobilizing 35 billion CFA francs (57.4 million dollars) from the German bank KfW, the World Bank, and the Senegalese government.

This initial closing was announced at the end of January 2024, during the launch of Oyass Capital. This fund, created by the Senegalese investment company Fonsis (Sovereign Fund for Strategic Investments), will facilitate access to equity financing for small and medium-sized Senegalese enterprises (SMEs).

Oyass, being a hybrid fund, plans to mobilize an additional amount of 15 billion FCFA from public and private entities in the coming months to reach its target size of 50 billion FCFA.

This vehicle, to be managed by the private equity fund manager SEAF (Small Enterprise Assistance Funds), will be deployed in the coming months among Senegalese SMEs with high potential. The criteria for selecting companies and the amounts to be allocated have not been disclosed.

It is important to note that Fonsis, which is owned by the Senegalese state, officially began its activities in October 2013. Through this investment company, the Senegalese government aims to strengthen its investments in the private sector to stimulate productive economic activity.

Article source: businessnewsafrica