By Andualem Sisay Gessesse – Djibouti Sovereign Fund (Fonds Souverain de Djibouti) plans to double the GDP of the East African country within seven years from about $3.7 billion to $7.5 billion.
Dr. Slim Feriani, CEO of Djibouti Sovereign Fund, told New Business Ethiopia journalist that by co-investing in selected strategic sectors, the Fund envisages to double the GDP of Djibouti after seven years. Established about three years ago by taking over most of the shares of the state-owned enterprises such as Djibouti Air, DGHS, and Djibouti Telecom, among others, Djibouti Sovereign Fund plans to coinvest alongside local and international private sectors to drive the economic growth of the country.
Mentioning that in the past years the public sector was the economic growth driver of Djibouti; Dr. Slim Feriani said the Fund will work hard to change this in the near future and turn Djibouti’s economy into private sector driven economy.
The Fund, which launched with around one billion US dollar wealth, is now increasing its capita, according to Dr. Slim Feriani, who indicated that the major goal of the Fund is to create wealth and transform the economy of Djibouti.
“…We are in 2024 today. We can avoid the turning curve and fast track things. Whatever took thirty years others, should take us five or six years,” said in an interview with New Business Ethiopia on the sidelines of the inaugural Djibouti Forum held from May 12-14, 2024 in Djibouti targeting global private and institutional investors.
While some of the specific targets such as using 100% green energy using wind, solar, and geothermal can be achieved sooner in 2030 ahead of Vision 2035 of Djibouti, according to Dr. Slim Feriani, who stated that the Fund will invest 50% in Djibouti and the remaining internationally focusing mainly in the East African region.
EDITOR’S NOTE: FOR EXPLANATIONS ON HOW DJIBOUTI SOVERIGHN FUND PLANS TO ACHIVE ITS TARGET, YOU MAY CHECK THE BRIEF INTERVIEW BELOW: