Oragroup gets €15M from Eco.business to finance sustainable agribusinesses

Banking

Thursday, 03 March 2022 14:56

Oragroup gets €15M from Eco.business to finance sustainable agribusinesses

(Togo First) - The Lomé-based pan-African banking group Oragroup has secured €15 million from Eco.business, a European fund. According to a joint statement that the two parties issued on Feb 24, 2022, the loan will help finance sub-Saharan African (SSA) agribusinesses that have voluntary sustainability certifications.

“This investment will promote sustainable production and consumption practices among agribusinesses in the region,” said Eco.business. Furthermore, these resources should be invested in the 12 West and Central African countries Oragroup is present, with a focus on the UN's SDG 2 (Zero Hunger), SDG 8 (Decent Work and Economic Growth), SDG 12 (Responsible Consumption and Production), SDG 13 (Combating Climate Change), and SDG 15 (Life on Earth).

“We are excited about our new partnership with Oragroup, which allows the fund to expand further in sub-Saharan Africa. Together, we are confident that we can help certified companies implement sustainable practices, thereby ensuring the long-term competitiveness of the agribusiness sector in the region,” said Dr. Jens Mackensen, Chairman of Eco.business’s board of directors.

For his part, Ferdinand Ngon Kemoum, Managing Director of Oragroup, declared: “This €15 million senior loan will allow us to increase support to our clients in the agribusiness sector, which we know can be the breeding ground for African prosperity.”

The Eco.business Fund was launched by the German KfW Bank (Development Bank), and Conservation International, with the financial support of the German Federal Ministry for Economic Cooperation and Development (BMZ). Its mission is to promote business and consumption practices that contribute to biodiversity conservation, sustainable use of natural resources, climate change mitigation, and the adaptation of its impacts in Latin America, the Caribbean, and Sub-Saharan Africa.

The fund’s SSA arm was launched in 2020, with initial funding from BMZ.

Ayi Renaud Dossavi

REFORMS OVERVIEW

STARTING A BUSINESS (more info)

At the fifteenth position, worldwide, and first in Africa, under the Starting a Business index of the 2020 Doing Business ranking, Togo sustains its reformative dynamics with more reforms….

ENFORCING CONTRACTS (more info)

Compared to some years ago when it was one of the lowest rankers under the Doing Business’ Enforcing Contracts indicator, Togo, leveraging many efforts to improve its business climate, was able to jump significantly on the index in the recent years... .

CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

TRADING ACROSS BORDERS (more info)

In comparison to previous years,Togo has significantly improved its ranking under the“Trading across borders” indicator by adopting multiple reforms that focus mainly on the digitization and reduction in delays, for import and export procedures related to import and export.

In comparison to previous years, Togo has significantly improved its ranking on the “Trading across borders” index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.

CONSTRUCTION PERMIT (more info)

After moving from the 133rd to 127th place under the 2020 Doing Business’ construction permit index, Togo intends to reiterate this feat in the coming edition of the global ranking. To this end, it has introduced this year multiple reforms.

GETTING ELECTRICITY (more info)

Over the past two years, Togo’s ranking under the Doing Business’ Getting electricity and water indicator has increased consistently. Owing this performance to multiple reforms aimed at making it easier for businesses to access power and water, Lomé plans to introduce even more reforms this year to keep up its improvements.

REGISTERING A PROPERTY (more info)

Out of all the 'Doing Business’ indicators, Property Registration is where Togo has improved the most since 2018. Indeed, after spending years in the lowest part of this ranking, the country now seeks to beat Rwanda which is the best performer on this index in Africa. To do so, Lomé has been introducing many reforms, with the latest batch implemented this year.

PUBLIC PROCUREMENT (more info)

From professionalization to digitization, through legislative regulations, Togo’s public procurement framework is constantly being modernized. Several reforms have been implemented to improve the sector much to the benefit of the private sector, which is the focus of the National Development Plan.

PAYING TAXES AND DUTIES (more info)

To improve its business environment, Togo introduced some important reforms related to the payment of tax and duties. From the replacement of some taxes to the cancellation of others through exemptions, the country has only one objective: offer the most attractive tax framework to investors and economic operators. To achieve this, the authorities relied on digitization.