EBID president commits to continued support of key sectors in ECOWAS, during ECOWAS Week

Banking

Tuesday, 30 May 2023 15:12

EBID president commits to continued support of key sectors in ECOWAS, during ECOWAS Week

(Togo First) - Last week, The ECOWAS Bank for Investment and Development (EBID) celebrated ECOWAS Week. The event, which closed on May 26, was hosted at the Bank’s headquarters, in Lomé.

En:
Day 2 of #ECOWASWEEK! Discover how #EBID commits to catalyzing regional economic development. Interested in our projects? Visit ? https://t.co/LIeZfybc1u

1/2 pic.twitter.com/7L2db5rICd
— ECOWAS Bank for Investment and Development (EBID) (@BIDC_EBID) May 23, 2023

The ECOWAS Week gathered key banking leaders who engaged with targeted audiences, including students, media, and financiers, via a webinar, an open house, and a conference that brought together several actors of ECOWAS’ finance industry. The meetings focused on EBID’s actions and achievements targeting the populations, across the Community and its 15 member States.

"It would not be superfluous to say that the future of ECOWAS depends on the BIDC," said George Agyekum Nana Donkor, President of EBID, on May 26. "We will continue to invest in essential sectors for the development of our states (agriculture, energy, infrastructure, health), with a strong emphasis on industrialization," he added.

Since it launched, the EBID, a founding shareholder of Asky Airlines and Ecobank Transnational Incorporated (ETI), has disbursed more than $1.7 billion for more than 200 projects across all ECOWAS countries. The funds, according to available data, were invested in infrastructure (54%) and services (25%). rural development (9%), industry (5%), and social initiatives (5%).

Besides promoting the EBID, ECOWAS Week underlined the Bank's ongoing commitment to boost the regional economy by providing much-needed funding for essential sectors, demonstrating its pivotal role within the ECOWAS community. The ECOWAS Week also commemorates the establishment of the Community on May 28, 1975.

Octave A. Bruce

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.