Senegal's sovereign wealth fund, FONSIS (Fonds Souverain d’Investissements Stratégiques), has begun the process of raising capital to launch the nation’s crucial gas pipeline network.

Announced on Tuesday, December 9, at the MSGBC Oil, Gas & Power 2025 conference by Serigne Saliou Diouf, Investment Manager for FONSIS, the project will be managed by the Senegalese midstream operator, Reseau gazier du Senegal (RGS).

"We invest in high-impact projects in Senegal," Diouf said, noting FONSIS's role in making projects "bankable from ideation to closing" and structuring them with strong governance. 

FONSIS has already funded the feasibility work for the pipeline and is now seeking the necessary investment to kickstart construction. 

The fund's influence is set to grow further as it will also manage the future petroleum revenue fund, which will receive 10% of the state's upcoming oil and gas revenues.

The push for domestic financing was backed by regional partners, including major banks.  Abdoulaye Daffé, Vice President of the West African Development Bank (BOAD), emphasised the bank’s mandate to ensure investments deliver clear socioeconomic benefits.

"Our DNA is to guarantee that each franc we invest improves the environment of the region," Daffé stated, confirming BOAD’s capacity to intervene alone on projects up to $20 or $30 billion or partner with other development finance institutions (DFIs) on larger ventures.

From a continental perspective, Antoine John Esther, COO for West and Central Africa at the Trade and Development Bank, outlined a strict investment discipline. 

Operating across 26 African member states, the bank only takes on projects that are deemed bankable, which requires final feasibility studies, environmental and technical assessments, and predictable revenue streams.

Representing a key global player, Biro Condé, Managing Director for Francophone West & Central Africa at the US International Development Finance Corporation (DFC), highlighted the DFC's highly selective, policy-driven mandate. 

All investments, including those in strategic sectors like infrastructure and energy, must align with U.S. foreign policy, Condé noted.

The capital-raising effort marks a significant step toward developing the domestic pipeline infrastructure required to support Senegal's emerging oil and gas industry.