Togo: PIA gets CFA20 billion from Coris Bank to finance its soybean processing segment

Investments

Thursday, 04 November 2021 15:44

Togo: PIA gets CFA20 billion from Coris Bank to finance its soybean processing segment

(Togo First) - Coris Bank international Togo (CBI-Togo) will invest CFA20 billion to finance Soybean processing at the Adétikopé Industrial Platform (PIA). The related agreement was inked by Anurag Sinha, VP, Agricultural Supply Chain at ARISE IIP, the company that manages the PIA, and Alassane Kaboré, MD, Coris Bank International Togo.

The PIA will use the funds to get soybeans from farmers and aggregators within the country and send them to the soy-based oil factory which is under construction at the industrial platform.

According to the PIA’s top management, the factory should process 500 m3 of soybeans per day, and get its supplies mainly from local producers and aggregators. Several deals have already been secured with local actors, reliable sources indicate.

“This financing is the first of its kind for the Industrial Platform of Adétikopé (PIA) and it aims to significantly contribute to the exploitation of the New Industrial Zone,” CBI Togo declared. The bank, besides this facility, explores other profitable projects to invest in at the PIA, such as a textile factory.

The PIA, in the meantime, keeps sealing more partnerships with various economic actors in Togo. Last week, it announced a partnership with Maersk Line, the world’s largest shipping company.

Ayi Renaud Dossavi

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