Djibouti Forum 2024: Agreements Signed for Crowdfunding Platform and Data Centre

The inaugural Djibouti Forum, held on May 18, 2024, in Djibouti City, marked a significant milestone in the nation's economic landscape. The event brought together 400 delegates managing an impressive $2.5 trillion in assets, underscoring the growing global interest in Djibouti's economic potential.

During the forum, two pivotal agreements were signed between Djibouti's sovereign wealth fund, Fonds Souverain de Djibouti, and private companies. These agreements aim to bolster Djibouti's economic diversification and infrastructure development.

The first agreement involves the establishment of a crowdfunding platform named Inclufin. Djibouti's sovereign wealth fund partnered with Tamini Insurance, part of the Salaam Group, to launch this platform. Inclufin will enable Tamini Insurance's 4,000 clients to invest in socially impactful entrepreneurial ventures in Djibouti, providing them with returns on their savings.

Mohamed Bahdon, CEO of Tamini Insurance, expressed his enthusiasm for the initiative, stating, "It's an opportunity for our clients to invest in promising businesses, including startups and SMEs, and contribute to the country's entrepreneurial future."

The second agreement focuses on the establishment of a cutting-edge, cloud-and-carrier-neutral data centre in Djibouti. PAIX Data Centres and Djibouti's sovereign wealth fund signed this agreement, introducing a new player to Djibouti's data centre sector, which is currently dominated by Wingu.

The new facility, named JIB1, will encompass approximately 50,000 square feet of net usable space and offer up to 5 megawatts of critical power. The first phase of the project is scheduled to launch in 2026. This data centre is expected to serve as an interconnection hub for internet service providers, cloud providers, financial institutions, and enterprises in the region.

Wouter van Hulten, CEO of PAIX Data Centres, highlighted Djibouti's strategic location, stating, "PAIX's investment in JIB1 positions it at the crossroads of connectivity between Africa, Europe, the Middle East, and Asia. The strong network hub that is created by the aggregation of multiple undersea cable landing points connecting to terrestrial cables makes Djibouti a highly attractive gateway."

Djibouti's efforts to diversify its economy and attract foreign investment are evident through these agreements. The establishment of Inclufin and JIB1 demonstrates the country's commitment to fostering financial inclusion and enhancing its digital infrastructure.

The Djibouti Forum 2024 has set the stage for future collaborations and projects, solidifying Djibouti's position as a key player in the region.

Key Takeaways

• Djibouti Forum 2024 attracts 400 delegates managing $2.5 trillion in assets.
• Two agreements signed: crowdfunding platform Inclufin and data centre JIB1.
• Inclufin enables 4,000 clients to invest in socially impactful ventures.
• JIB1 data centre to serve as interconnection hub for regional internet providers.
• Djibouti Forum 2024 solidifies country's position as key regional player.