FONSIS Begins Fundraising for Senegal’s Gas Pipeline Network
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Senegalese sovereign wealth fund FONSIS has started raising capital to launch Senegal’s upcoming gas pipeline network, undertaken by midstream Senegalese operator Reseau gazier du Senegal (RGS).
Serigne Saliou Diouf, Investment Manager, FONSIS, said during MSGBC Oil, Gas & Power 2025 on Tuesday.
“We invest in high-impact projects in Senegal,” Diouf stated. “Our role is to bring capital, make these projects bankable from ideation to closing and structure them with strong governance. For the gas pipeline network, FONSIS has already funded feasibility work and is now raising the capital needed to launch the project.” FONSIS will also manage the future petroleum revenue fund, which will be fed by 10% of future state revenues.
Building on the domestic financing perspective, Abdoulaye Daffé, Vice President, West African Development Bank (BOAD), stressed the institution’s mandate to ensure that every investment delivers measurable socioeconomic impact.
“Our DNA is to guarantee that each franc we invest improves the environment of the region,” Daffé said. “In energy, we look at how many kilowatts a project delivers. We originate projects with governments, help them mature, and make them bankable. Up to $20 or $30 billion, BOAD can intervene alone; for larger projects, we partner with other DFIs.”
From a continental development finance perspective, Antoine John Esther, COO West and Central Africa, Trade and Development Bank, outlined the bank’s investment discipline. “Our role is to grow the deposits of our clients,” Esther explained. “We operate across 26 African member states, including Senegal and we only take on bankable projects—those with final feasibility studies, environmental and technical assessments and predictable revenue streams.”
Representing a global strategic investor, Biro Condé, Managing Director for Francophone West & Central Africa, US International Development Finance Corporation, highlighted the institution’s selective mandate. “We have one shareholder–the US government–and all investments must align with US foreign policy,” Condé noted. “Our focus is on strategic sectors, including infrastructure, energy, mining, and financial services. We are highly selective and ensure every project aligns with our mission,” concluded Condé.