Djibouti sets up sovereign wealth fund

ANKARA (AA) - Djibouti on Thursday announced the foundation of a sovereign wealth fund as part of the country’s “Vision 2035” economic strategy.

“The creation of this fund is a key measure of the 'Vision 2035' policy which guides the government’s actions and the economic strategy of the country in the long term: to position itself as a front-line international commercial logistics and digital hub,” said a statement by the country’s presidency.

“The Fund’s investments primarily target the Republic of Djibouti and countries with economic connections to it. Particularly in the region of Horn Africa. The goal is to invest and co-invest in key sectors of the economy such as telecoms, new technologies, energy, infrastructure, logistic, agriculture and fishing. The fund will focus on projects that support sustainable growth and the implementation of energy transition,” the presidency said.

“With the creation of the Djibouti Sovereign Fund, despite the global health crisis related to the coronavirus pandemic, the country is determined, more than ever, to invest in the future and tomorrow’s economy,” it added.

The presidency went on to say that, the fund would "serve as a tool for today's growth and employment, while at the same time fostering the creation of large reserves for future generation.”

It said the fund is targeted to be an "inter-generational instrument that brings together the requirements of the short term with those of the long term."