Afreximbank, Ecobank, and BIA Togo to pump €145 million into the Adetikope Industrial Platform

Investments

Monday, 22 August 2022 10:26

Afreximbank, Ecobank, and BIA Togo to pump €145 million into the Adetikope Industrial Platform

(Togo First) - Afreximbank, Ecobank-Togo, and BIA Togo put together €145 million (more than CFA95 billion) for Arise Group to build infrastructure at the Adetikope Industrial Platform (PIA). All parties signed a financing agreement last Tuesday, Aug 16.

In detail, Afreximbank, the deal’s lead manager, provided €85 million, and Ecobank and BIA Togo (a subsidiary of Attijariwafa Bank) disbursed respectively €45 million and €15 million. The project to which the funds will be dedicated is valued at €247 million. It is key for the Togolese economy.

The new financing follows another from the West African Development Bank (BOAD) provided about a year ago. On October 21, the PIA and BOAD indeed signed a €30.5 million financing agreement.

"This banking pool joins the West African Development Bank (BOAD), which has set up, in favor of PIA Togo, a credit of about €30.5 million (CFA20 billion) whose agreement was signed on October 21, 2021,” we learned.

The PIA is operational since June 2021 and is now moving to its second development phase. In its first phase, an industrial zone, a logistics zone, a commercial and residential center, and world-class infrastructure were built at the site. For the second phase, those in charge of the project plan to deploy factories that will process various crops and fruits, such as cashew nuts, pineapple, corn, mango, sesame, etc.

Esaïe Edoh

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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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.

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