Orabank Togo benefits from Islamic Development Bank’s support to SMEs

Finance

Thursday, 15 March 2018 18:39

Orabank Togo benefits from Islamic Development Bank’s support to SMEs

(Togo First) - Oragroup, holding of banking group Orabank, which is present in 12 African countries, Togo included, just confirmed it got €40 million from the Islamic Corporation for the Development of the Private Sector (ICD). This was in the framework of an agreement signed between the two institutions in December 2017.

The funds which will be dispatched to various subsidiaries of the group such as Orabank Togo, will mainly be used to support small and medium enterprises (SMEs) operating in ICD’s member-States, in the coming months.

Projects supported will be Sharia-compliant. The facility will also be provided under a Wakala agreement between ICD and each selected bank.

According to Binta Touré Ndoye (photo), Managing Director Oragroup, the financing will help the group significantly boost its impact on economic development across the region by creating jobs, accelerating industrialization and local processing, creating value, redistributing wealth, fighting poverty and contributing to the emergence of the middle class.

For his part, Salah Babale, Head of the Financial Institutions Development at ICD, said: “We will keep supporting actors that contribute to economic diversification and industrialization across the continent.”

Fiacre E. Kakpo

REFORMS OVERVIEW

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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….

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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 .

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