President Gnassingbé says €100M will be invested in the TIRSAL fund to boost agricultural sector

Agriculture

Friday, 27 April 2018 17:04

President Gnassingbé says €100M will be invested in the TIRSAL fund to boost agricultural sector

(Togo First) - Togo’s government plans to invest €100 million (more than CFA65 billion) in the Togo Incentive-Based Risk Sharing System for Agricultural Lending (TIRSAL). This was revealed by President Faure Gnassingbé today, April 27, on the sidelines of Togo’s 58^th independence anniversary.

“With the help of TIRSAL fund whose capital is €100 million, or CFA65 billion, the issue of access to financing faced by farmers will find an inclusive response, and subsequently interest rates on loans will be reduced,” the Head of State said.

While the government will raise a significant portion of monies needed for the fund, the President counts on financial and technical partners, lenders, insurers but also private investors for the remainder.

Launched on April 25, 2018, TIRSAL aims at reducing risks associated with agriculture and provide guarantees for agricultural loans granted by financial institutions (banks, decentralized financial systems, cooperatives). Its main purpose is to boost farmers’ access to loans, at a low cost. Its creation falls under the 2018-2022 national development plan.

Fiacre E. Kakpo

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