IFC-TOGO Partnership: Sandra Johnson and Sergio Pimenta Review Common Projects

Economic governance

Monday, 04 November 2024 12:01

IFC-TOGO Partnership: Sandra Johnson and Sergio Pimenta Review Common Projects

(Togo First) - Sandra Johnson, the Minister and Secretary General of the Presidency of Togo, and Sergio Pimenta, Vice-President of the International Finance Corporation (IFC) for Africa, met to discuss the progress of projects funded by the IFC in Togo. The meeting occurred during the International Monetary Fund (IMF) and World Bank General Meetings held in Washington.

Among the projects discussed was internet connectivity in Togo. The IFC provided financing to Togocom through the Axian group. They also reviewed investments in the Zener group in the energy sector and support for Gozem in the mobility sector.

The discussions included a project to build 3,000 housing units in Togo by Shelter Afrique, as well as the upcoming launch of Star Garments Group Limited's operations, supported by IFC financing at the Plateforme industrielle d'Adétikopé (PIA). Star Garments Group Ltd. is a subsidiary of the American company Charles Komar & Sons.

Johnson and Pimenta also explored prospects for supporting the agri-food sector. The IFC plans to address the financing needs of agricultural micro and medium enterprises (VSEs) through leasing. To this end, the Fund will partner with local banks and investors. The project is valued at $100 million and should run from 2024 to 2030.

Esaïe Edoh

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.