17 Institutions, Including Togo's National Lottery and Social Security Fund, Join Africa50's Infrastructure Acceleration Fund

Finance

Friday, 07 July 2023 13:51

17 Institutions, Including Togo's National Lottery and Social Security Fund, Join Africa50's Infrastructure Acceleration Fund

(Togo First) - Seventeen (17) institutions, including Togo’s Lottery (LONATO) and its Social Security Fund (CNSS), wish to join the shareholding of Africa50’s Infrastructure Acceleration Fund (IAF). They voiced the ambition on July 3 in Lomé. The IAF fund, which is currently mobilizing $500 million, aims to bridge the infrastructure deficit in Africa.

"Our main objective is to help bridge the infrastructure financing gap in Africa, which is in the range of $68 to $108 billion per year... With the Fund, we enable Africa50 to play a leading role in leveraging the $98 trillion of assets managed worldwide," stressed Akinwumi Adesina, President of the African Development Bank (AfDB).

"This is the first time that such a large number of African institutional investors have participated in the capital round of an African infrastructure fund, it is a real turning point," said Alain Ebobisse, CEO of Africa50.

"This Fund allows us to invest what our future retirees should receive later in viable and reliable projects... Take good care of the pensions of Togolese retirees," declared Ingrid Awadé, Director General of CNSS Togo.

"We hope that this fund will serve as a lever for states, to help them mobilize more resources for infrastructure financing," added Georges Essowè Barcola, General Manager of Lonato, who was also present at the signing of the agreements.

In addition to the AfDB, which is investing $20 million, and the Africa50 group itself, several other players signed the agreement in Lomé. Among them, the West African Development Bank (BOAD), the Nigeria Sovereign Investment Authority (NSIA), the Arab Bank for Economic Development in Africa (BADEA), CNSS of Togo, the National Lottery of Togo (LONATO), the National Social Welfare Fund (CNPS) of Ivory Coast, CNPS of Cameroon, the Deposit and Investment Fund of Morocco, Attijariwafa Bank, the Deposit and Consignment Fund of Benin, and the IFC. With the strengthened presence of the AfDB, Africa50's fund aims to open up to other continental and international players.

This development could boost growth in key sectors such as energy, water, sanitation, transport, logistics, telecommunications, and social infrastructure across the continent, as highlighted by Vincent Le Guennou, CEO of IAF, who was optimistic about the fund's future, which should quickly reach its fundraising target.

Regarding the amounts invested by the two Togolese institutions, they are yet to be known.

The CNSS, which is among the largest investors, holds shares in many Togolese banks and also invests in real estate. For example, it holds 75% of the Dogta-Lafiè hospital. It also participated in the capital round of Kifema, thus supporting the construction of the Kekeli Efficient Power plant. Lonato is trying to follow in its footsteps.

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)

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.