Togo gets CFA21.3bn from West African Development Bank (BOAD)

Public finance

Tuesday, 16 October 2018 03:01

Togo gets CFA21.3bn from West African Development Bank (BOAD)

(Togo First) - Sani Yaya, Togo’s minister of economy and finances, and Christian Adovèlandé, President of BOAD, signed on October 12, 2018, three funding agreements worth a total value of CFA21.3 billion.

The first loan, approved in June 2018, amounts to CFA10 billion. It is to be injected in the Togo Agrofood Processing Project (PTA-Togo). The latter will help operationalize Togo’s new agricultural policy, focused on developing agropoles, especially the one in Kara.

The second loan, approved in September, has the same value and will be used to supply drinking water to 89 semi-urban centres across Togo.

As for the third financing, CFA1.3 billion, it will be used to finance the project to hybridize diesel engines of multipurpose platforms with solar energy. This project consists in setting PV solar equipment on the multipurpose platforms installed by the Grassroot Support Development Program (PRADEB). The facility comes in the form of a grant provided by FEM and managed by BOAD. It should help “improve access to clean power and modern power services in fifty villages across Togo, by using and developing solar power technologies,” BOAD said.

All these schemes fall under the country’s 2018-2022 national development plan (PND), which according to BOAD represents a reference framework for mid and long term actions. “I would like to reaffirm BOAD’s desire to support the Togolese government throughout the implementation of its 2018-2022 national development plan, in order to significantly reduce poverty, foster a low carbon-induced development, and boost the country’s resilience against climate change effects”, declared Christian Adovèlandé.

Fiacre E. Kakpo

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)

After moving from the 133rd to 127th place under the 2020 Doing Business’ construction permit index, Togo intends to reiterate this feat in the coming edition of the global ranking. To this end, it has introduced this year multiple reforms.

GETTING ELECTRICITY (more info)

Over the past two years, Togo’s ranking under the Doing Business’ Getting electricity and water indicator has increased consistently. Owing this performance to multiple reforms aimed at making it easier for businesses to access power and water, Lomé plans to introduce even more reforms this year to keep up its improvements.

REGISTERING A PROPERTY (more info)

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.

PUBLIC PROCUREMENT (more info)

From professionalization to digitization, through legislative regulations, Togo’s public procurement framework is constantly being modernized. Several reforms have been implemented to improve the sector much to the benefit of the private sector, which is the focus of the National Development Plan.

PAYING TAXES AND DUTIES (more info)

To improve its business environment, Togo introduced some important reforms related to the payment of tax and duties. From the replacement of some taxes to the cancellation of others through exemptions, the country has only one objective: offer the most attractive tax framework to investors and economic operators. To achieve this, the authorities relied on digitization.