Chamber of Commerce and Industry (CCIT) informs local businesses about WAEMU’s SMEs/SMIs support mechanism

Economic governance
Thursday, 23 May 2019 13:59
Chamber of Commerce and Industry (CCIT) informs local businesses about WAEMU’s SMEs/SMIs support mechanism

(Togo First) - WAEMU set a mechanism to support SMEs and SMIs which is currently at the heart of an information workshop held at the Togolese Chamber of Commerce and Industry (CCIT). The workshop is organized by the committee in charge of identifying mechanisms and facilities supporting SMEs and SMIs in Togo.

According to the CCIT, WAEMU’s “mechanism aims at providing an appropriate solution to the issue of access to bank financing for SMEs, by leveraging incentives that the Central Bank of West African States (BCEAO) has put in place for lending institutions and by better structuring support to these businesses.”

Truly, young entrepreneurs operating in Togo have difficulties securing financing to expand and even in cases funds are provided, they are often insufficient in regards to businesses’ real needs.

This is in a context where “SMEs and SMIs make up more than 90% of Togo’s economic fabric,” according to Coami Laurent Tamegnon, chairman of the national employers’ council.  

Séna Akoda

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