THE FONDS SOUVERAIN DE DJIBOUTI INVESTS IN THE STARTUP “DJIBENERGY SERVICES”
On Monday, February 13th, 2023, the Fonds Souverain de Djibouti (FSD) entered the capital of the innovative startup DjibEnergy Services.
The Fonds Souverain de Djibouti became a minority shareholder in the capital of the startup “DjibEnergy Services”. The financing agreement was signed on Monday, February 13th, 2023, in the presence of the Chief Executive Officer of the Fonds Souverain de Djibouti, Dr. Slim Feriani, and the CEO and founder of the “DjibEnergy Services” startup, Mr. Mohamed Ali Abdoulkader.
The participation of any sovereign fund, in the capital of any startup enables the latter to have financial support as well as access to the support and expertise, relational and international governance standards of the sovereign fund. It also gives the startup more credibility and visibility at national and international levels.
THE BEGINNING OF A SUCCESS STORY
“DjibEnergy Services” and its founder have distinguished themselves from all young companies that the FSD investment team has met since its arrival in the fourth quarter of 2021.
Specialized in the field of energy efficiency of buildings, DjibEnergy Services was able to convinced the Fonds Souverain de Djibouti. It offers services and solutions that enable them to reduce their energy consumption. An electrical engineer, with over five years of experience in entrepreneurship and innovation, the founder of “DjibEnergy Services”, Mr. Mohamed Ali Abdoulkader, is also responsible for the Fabrication Laboratory (Fablab) and the African Center of Excellence in Logistics and Transport (CEALT), a project funded by the World Bank, in partnership with the University of Djibouti.
In 2022, Mr. Mohamed Ali Abdoulkader was selected to participate in the Mandela Washington Fellowship for Young African Leaders program, in the USA.
The FSD will continue to support entrepreneurship through its Crowdfunding platform, which will be launched this year in 2023. The Crowdfunding platform will be the site where individual and institutional investors will be able to invest their own funds or lend their savings to fund Djiboutian entrepreneurs.
“DjibEnergy Services” and other startups, micro and small enterprises, and medium-sized enterprises can raise funds on the Crowdfunding platform. This Crowdfunding platform, which is part of the alternative financing sector, will complement and not compete with the banks in the area, who will also be able to participate in the financing projects. It will also allow young entrepreneurs that are not bankable, as they generally have neither real guarantees nor audited accounts, to become bankable and part of the formal economy.
THE FSD AND THE 2035 VISION
Creating modern tools such as the Crowdfunding platform, a Fintech that does not yet exist in Djibouti, is one of the roles of the young Fonds Souverain de Djibouti created in 2020, and whose current CEO has been in office for 14 months, to improve financial inclusion with innovative tools that expand the ecosystem and the range of financing solutions for entrepreneurship. This is in line with the objectives of the 2035 Vision of His Excellency the President of the Republic, Mr. Ismail Omar Guelleh, and his desire for inclusive and sustainable prosperity.