AfDB to disburse over €14 million in support of Togo’s five-year development roadmap

Investments

Tuesday, 01 March 2022 15:56

AfDB to disburse over €14 million in support of Togo’s five-year development roadmap

(Togo First) - The African Development Bank (AfDB) will provide Togo with €14.1 million (a little more than CFA9 billion) to help it implement its five-year roadmap faster. Wilfrid Abiola, who represents the institution in Togo, and Sani Yaya, the minister of economy and finance, signed two agreements in this framework on February 28, 2022.

Most of the funds, €13 million, will, according to a statement from the AfDB, serve to implement the Project to support governance and private sector development. The monies will be disbursed as loans and grants.

The remaining €1.1 million, a grant provided by the AfDB and the African Development Fund under the Transition Support Facility, will help boost investments and build private-public partnerships.

Together, the two projects will allow Togo to keep improving financial governance and strengthen the institutional framework for the development and monitoring of Public-Private Partnerships (PPPs), by supporting the Ministry for Investment Promotion.

They “will also support the organization of the investors' forum, build the capacity of the private sector and raise awareness about the government's five-year roadmap, which covers three strategic areas and includes 42 priority projects and reforms,” a press release from the AfDB reads.

The first project will be implemented over four years, from the date of signature, while the second will be implemented over 18 months.

This new financing, according to Wilfrid Abiola, demonstrates the willingness of the African banking group to continue to “assist Togo’s efforts for development across various sectors, for the good of its people, and in line with the government’s priorities.”

Esaïe Edoh

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.