The Djiboutian authorities officially launched the Sovereign Fund of Djibouti (FSD), a new financial instrument whose creation was approved by a decree on March 29.
Created in the form of a public limited company whose sole shareholder is the State of Djibouti, the Fund is one of the main measures of the development strategy of the Republic of Djibouti, “vision 2035”, the objective of which is to position the country as a commercial, logistics and port hub in the region.
The FSD, intended to collect and invest the profits of all public establishments that will generate them, must be endowed with nearly $ 2 billion within ten years, according to the Djiboutian press, which quotes government officials.
Among the priority missions of the Fund, notably the acceleration of the growth of the country’s economy, the promotion of the private sector, the stimulation of investments and the development of the public productive sector.
According to the government, the FSD will also contribute to the creation of a strong and diversified economy through the control of national projects and the reconciliation of short-term requirements with those of the long term.
A special interministerial committee was held this week under the chairmanship of the Head of State, Ismaël Omar Guelleh, in the presence of members of the government and administrators of the Fund. At the meeting, Senegalese Mamadou Mbaye was appointed as FSD general manager.