Togo inks €55M deal to develop a major agro-industrial project in Mono Valley

Investments

Friday, 28 May 2021 16:07

Togo inks €55M deal to develop a major agro-industrial project in Mono Valley

(Togo First) - Yesterday, May 27, a financing agreement worth €55 million (CFA36 billion) was signed to develop an agro-industrial project called Africa Europa Farm. The project aims to valorize the Mono Valley.

The signing by concerned parties “concretized their commitment to the effective implementation of the Africa Europa Farm project,” said the trade ministry.

The project, according to its promoters, focuses on “the production, transformation, and commercialization of rice and maize over more than 4,000 hectares in the Mono River Valley, as well as on measures to foster local development in the prefectures of Bas-Mono (Afagnan) and Lacs (Aklakou).”

Kodjo Adedze, the minister of trade, was present during the signing ceremony. On this occasion, he commented: “The signing of this memorandum of understanding is perfectly in line with the ambitions of the highest authorities of our country reflected in the National Development Plan (2018-2022) and in the government roadmap 2020-2025, which aim at ensuring Togo’s emergence by 2030.”

Rose Mivedor, minister in charge of the promotion of investment, also welcomed the deal saying it consolidates the government’s efforts in the agricultural sector, a true lever for the Togolese economy. This is in a context where the authorities leverage agribusiness to drive growth by 2025.

For his part, Philippe Pacquier, Africa Europa Farm Chairman, said the project will allow “the production of 100% Togolese-grown rice. The first phase concerns 4,500 hectares and should allow the creation of 250 jobs to reduce unemployment in the locality. It is planned to set up a stable water pumping system, the creation of a training center in new cultivation techniques for the transfer of skills and a dispensary.”

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