Islamic Development Bank to Support Rural Electrification Projects in Togo with $20M

Energy

Monday, 27 September 2021 16:43

Islamic Development Bank to Support Rural Electrification Projects in Togo with $20M

(Togo First) - The Islamic Development Bank (ISDB) will spend $20.5 million (CFA11.3 billion) to advance rural electricity projects in Togo. The news was announced by the Bank on Sept. 26, after its board met.

The projects - which involve mini solar panels - aim to “improve human development by providing a sustainable supply of electricity to rural people in Togo who live in dense and sparsely populated areas, far from the existing grid.” In detail, 372 schools, 22,092 households, and 102 health centers will benefit from the financing, said the ISDB.

The Jeddah-based institution is one of Togo’s historical partners when it comes to electrification. It previously loaned the West African country $49 million for projects in the northern region (to expand the CEB’s high voltage network from Dapaong to Mango).

At the end of 2020, Togo’s external debt to the ISDB was CFA61.45 billion, up 15% from 2019 (CFA53.36 billion). This makes the lender the country’s third multilateral creditor, after the IMF and the World Bank.

During yesterday’s board meeting, besides Togo, the ISDB also extended its support to Iraq ($17 million) and Bangladesh ($36.4 million).

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.