Senegal’s Islamic Recovery Fund reaches $13 million in SME investments

Senegal’s Islamic Recovery Fund (FIR), a subsidiary of the Sovereign Fund for Strategic Investments (FONSIS), has reached a total investment of CFAF 7.5 billion ($13 million) as of September 2026. The fund utilizes equity and Islamic financing mechanisms, such as mudaraba, to support small and medium-sized enterprises (SMEs).

In a recent transaction on September 22, the FIR committed CFAF 600 million to four Senegalese companies: Agro Industries du Nord, Mintou Rassoul, Bassari Baobab, and the École Scientifique Internationale d’Excellence. These businesses, located in Saint-Louis, Tambacounda, Dakar, and Keur Massar, operate in sectors including food processing, agriculture, textiles, healthcare, and education.

The capital is intended to modernize production equipment, expand storage and supply capacities, and equip new educational infrastructure. Specifically, in the Senegal River Valley, investments in Agro Industries du Nord and Mintou Rassoul aim to bolster the rice industry through solar equipment installation and improved production quality.