BOAD loans Togo CFA20 billion for its industrial platform in Adétikopé

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Tuesday, 26 October 2021 02:34

BOAD loans Togo CFA20 billion for its industrial platform in Adétikopé

(Togo First) - The West African Development Bank (BOAD) has disbursed CFA20 billion in loans for the Industrial Platform Adétikopé (PIA). The BOAD announced that its president, Serge Ekue, and PIA’s president, Jesse Ian Damsky, signed the related loan agreement last week. However, the loan was approved in May 2021, during the 123rd board meeting of the BOAD.

The BOAD’s decision to back the industrial platform falls under Togo’s 2025 Strategic Plan and concretizes a framework agreement between PIA, Arise Special Economic Zone (ARISE SEZ), and Togo. This agreement aims to get investors to start industrial and multi-sectoral activities, knowingly processing local agricultural and mining products, at the industrial platform.

The financing, the Lomé-based Bank noted, “also aligns with the Djoliba 2021-2025 Plan, a strategic plan of the BOAD, specifically its first and second axes that respectively aim to bolster regional integration and create value and productive jobs, supporting States and the private sector.”

With the latest financing, the BOAD’s commitments to Togo’s private sector now amount to CFA266.25 billion.

Ayi Renaud Dossavi

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)

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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.

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PAYING TAXES AND DUTIES (more info)

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