The Senegalese Islamic Relief Fund (FIR), a subsidiary of the Strategic Investment Fund (Fonsis), has made a significant investment in four companies operating in various sectors. On September 22, the FIR formalized an investment of 600 million FCFA in Agro Industries du Nord (AIN), Mintou Rassoul, Bassari Baobab, and the International Scientific School of Excellence (ESIEX). These companies are based in different regions of Senegal, including Saint-Louis, Tambacounda, Dakar, and Keur Massar.
The FIR's investment will be used to modernize the production tools of these companies, strengthen their storage and supply capacities, and develop new educational infrastructures. In the agro-food sector, the FIR is supporting two companies engaged in rice production. Agro Industries du Nord, located in Ross-Béthio, transforms paddy rice and will use the investment to install solar equipment and increase its storage capacity. Mintou Rassoul, based in Saint-Louis, produces and commercializes white and steamed rice, and will modernize its unit to improve product quality and increase production volumes.
The FIR is also investing in Bassari Baobab, a company specializing in the valorization of local agroforestry products, such as baobab, bissap, and ginger. The company, based in Tambacounda, will use the investment to modernize its equipment and upgrade its production and storage facilities. This operation illustrates the FIR's commitment to supporting small and medium-sized enterprises (SMEs) across the country. Bassari Baobab currently employs 60 people, mostly women.
The fourth beneficiary of the FIR's investment is the International Scientific School of Excellence (ESIEX), a school created in 2019 within the Supdeco Group. The school, located in Dakar, offers scientific training from secondary to preparatory classes and prepares students for engineering school competitions. The FIR's financing will enable the school to equip its future campus in Keur Massar, develop its laboratories, and acquire scientific teaching equipment.
According to Abdoul Aziz Sy, CEO of the Supdeco Group, this support is strategic for Senegal, as it aims to strengthen the training of scientists and prepare the skills the country will need in the coming years. With this new operation, the FIR has reached a significant milestone, with cumulative investments now standing at 7.5 billion FCFA. The FIR's objective is to provide financing solutions to companies in different sectors and profiles, making them accessible to SMEs across Senegal.
The FIR, a subsidiary of Fonsis, was established through a partnership between Fonsis, the Islamic Development Bank, and the Senegalese State. The fund has an envelope of 20 billion FCFA and offers SMEs financing solutions based on Islamic finance instruments to support the relaunch and development of their activities. The FIR's investments are expected to contribute to the development of the Senegalese economy and support the growth of SMEs.
Key initiatives of the FIR include supporting the rice sector, promoting agroforestry products, and investing in scientific education. The FIR's investments are aligned with its mission to support the development of SMEs and promote economic growth in Senegal.
Key points
- The FIR has invested 600 million FCFA in four companies operating in agri-food, agro-industry, and scientific education.
- The investment aims to modernize production tools, strengthen storage and supply capacities, and develop new educational infrastructures.
- The FIR's cumulative investments have reached 7.5 billion FCFA, with a focus on supporting SMEs across Senegal.
