BRVM and GGGI Partner to Boost Green Finance in UEMOA Countries

Finance

Tuesday, 30 April 2024 16:38

BRVM and GGGI Partner to Boost Green Finance in UEMOA Countries

(Togo First) - The Regional Stock Exchange (BRVM) and the Global Green Growth Institute (GGGI) recently signed a memorandum of understanding to boost collaboration in promoting green finance across the eight UEMOA countries, including Togo. The signing ceremony, held on Thursday, April 25, 2024, was presided over by Ivorian Minister of Environment, Sustainable Development, and Ecological Transition, Jacques Konan ASSAHORE.

This agreement aims to facilitate the issuance of green, social, and sustainable bonds (ESG) and enhance the capacities of stakeholders in the regional financial market. Dr. Edoh Kossi Amenounve, CEO of the BRVM, highlighted that this initiative aligns with a broader strategy to encourage the use of financial instruments conducive to sustainable development in the UEMOA region. "In the face of sustainable development challenges, the BRVM has defined a strategy to encourage using appropriate financial instruments in the UEMOA. Its implementation has already resulted in the signing of a cooperation agreement with the Luxembourg Stock Exchange in 2022, as it is one of the global leaders in this field,"Amenounve said

The partnership involves tailored awareness and training programs for financial institutions, investors, market participants, and potential issuers to integrate sustainable financing practices and promote sustainable and green bond issuance. Dr. Kyung Nam Shin, Deputy Director General of the GGGI, stressed the significance of sustainability, innovation, and collaboration in driving positive change.

Togo officially joined the Global Green Growth Institute in November 2023.

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.