Union Togolaise de Banque gives BBOXX $4 million to provide Togolese populations solar power

Energy

Wednesday, 28 February 2018 17:54

Union Togolaise de Banque gives BBOXX $4 million to provide Togolese populations solar power

(Togo First) - In Togo, government’s initiative to provide power to more than two million people by 2022 just reached a major milestone as Union Togolaise de Banque (UTB) signed a deal with BBOXX, UK-based firm specialized in renewable energies, to provide it $4 million (CFA2.15 billion).

In effect, local bank UTB will deliver capital in Togolese currency (CFA) to BBOXX which will provide access to energy to communities across Togo. Commenting on the deal, Zakari Darou-Salim, general manager UTB, said: “This operation demonstrates Union Togolaise de Banque’s commitment towards the most disadvantaged populations who currently do not have access to electricity in Togo”. For his part, Mansoor Hamayun, CEO of BBOXX, declared: “The deal with Union Togolaise de Banque will also make financial matters much more straightforward for us and will help drive our expansion across Togo”.

According to African Review, this deal is the first of its kind in sub-Saharan Africa as it involves delivering capital in local currency to carry out a government’s project that aims to improve living standards of local populace. However, one of the key factors making this deal a major one is the fact that Africa Guarantee Fund, which assists financial institutions in increasing their funding to African SMEs, provided a 50% pro rata credit enhancement.

BBOXX, it should be recalled, is a major place in the CIZO project. The firm won in 2017, a contract to work with Togolese government under which it will deploy 300,000 domestic solar kits across the country, over the next five years BBOXX plans to create more than 1000 direct jobs in Togo by 2022.

Fiacre E. Kakpo

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)

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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.