Afreximbank to support Togo’s development plan

Logistics

Wednesday, 18 July 2018 20:19

Afreximbank to support Togo’s development plan

(Togo First) - Resolutely engaged in the development of Inter-African trade which represents just a minor part of the trade by African countries, Afreximbank, the Pan African import-export bank based in Cairo, could provide its financial support to a pool of African countries, Togo included.

“Projects of about $1.5 billion have already been funded and some are being funded in Côte d’Ivoire, Nigeria, Gabon, Togo, Chad and Burkina Faso”, Benedict Oramah, managing director of Afreximbank, revealed in a statement at the end of the bank’s annual general assembly on July 16, 2018.

According to the manager, these projects are aimed at the development of the industrial park. As far as Togo is concerned, in its national development plan, it aims to build two industrial parks integrated and turned towards export industries which require intensive labor force like the textile industry by 2022.

In addition, projects aimed at the development of Export Processing Zones’ in Africa are targeted.

This financing announced since January 2018 by Coface should support the national development plan which seeks to transform Togo into a logistics hub of excellence and a first-class business center in the sub-region.

Meanwhile, Togo which is one of the shareholders of this bank is activating its file. This is evidenced by the review of the bill authorizing the complete adherence to the agreement created by Afreximbank at the ministers’ council on June 13, 2018.

Let’s note that in 2017, the institution’s revenues grew by 25% to reach $645 million. The shareholders will share dividends worth $57.53 million while the dividends were $37.96 million in 2016 (a 51% growth).

Let’s also remind that Afreximbank is a Pan African institution created in 1993 to facilitate, finance and develop commercial exchanges between African countries as well as trade with the rest of the world. In 2016, thirteen African countries, Togo included, became shareholders of this bank raising the number of country shareholders to fifty.

Fiacre E. Kakpo

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