Togo: BOA to support 100 local SMEs and SMIs with CFA2 billion

Economic governance
Friday, 05 May 2023 17:07
Togo: BOA to support 100 local SMEs and SMIs with CFA2 billion

(Togo First) - Bank Of Africa will support 100 youth-owned Togolese businesses with CFA2 billion. The Bank announced the facility on April 29, 2023. 

The funds will be disbursed on May 6, 2023, in Lomé, during the second edition of the Meet Up Togo fair. 

Beneficiaries will be picked among businesses that will take part in the event. Priority will be given to the most innovative businesses, which contribute to Togo’s economic development. 

"We are pleased to participate in this 2nd edition of Meet up Togo and to support Togolese entrepreneurs in their goal of growth and development," said Khalid Kezire, BOA's Head of Marketing and Communication.

The announcement comes about a month after the lender received $77 million, about CFA46 billion, from the International Finance Corporation (IFC) to cover half of the risks on a loan portfolio of up to $154 million, targeting SMEs in 10 African countries including Togo.

With the IFC’s funds, the BOA will support businesses active in the agriculture, trade, energy, and construction industries. 

Esaïe Edoh 

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