Senegal’s sovereign wealth fund FONSIS and German development bank KfW have published a tender for the management of a new, single-country SME investment fund being launched by both institutions. The successful bidder will be responsible for finalizing the design of the fund, as well as raising and investing capital its capital and managing the operational aspects of the fund’s activities.
Oyass Capital, as the fund is called, will be capitalized initially with €30 million (or about $35 million) by FONSIS, and is expected to be co-financed by the World Bank, following the organization’s completion of fund due diligence and further development of the fund’s strategy and capital structure. The closed-end fund’s final goal is as much as €100 million.
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