Togo: Golfe 1, Golfe 7, and Kloto 1 municipalities seal insurance deal with AXA Climate to fight flooding

Security

Wednesday, 06 December 2023 14:03

Togo: Golfe 1, Golfe 7, and Kloto 1 municipalities seal insurance deal with AXA Climate to fight flooding

(Togo First) - Three Togolese municipalities inked a parametric insurance agreement with AXA Climate, a subsidiary of Howden, the London-based broker. The three municipalities are Golfe 1, Golfe 7, and Kloto 1. Sealed in Dubai, on Dec. 4, on the sidelines of the COP28 summit, the deal will be implemented by AXA Climate and PADIE, a Togolese NGO that is committed to environment-friendly integrated development.

Under the agreement, the InsuResilience Solutions Fund will co-fund the implementation of anti-flood insurance products. The goal is to bolster the financial capacity of municipalities concerned in the event of flooding and launch a predefined emergency response.

Various solutions will be recommended to the municipalities to reduce the risks of flooding. These include collection basins and tree-planting projects

"As a committed climate insurer, the science of adaptation is truly part of our DNA. We're honored to help these cities better prepare for future flooding," declared Karina Whalley, Head of Public Sector at AXA Climate.

In this framework, workshops will be organized with the municipalities’ decision-makers, technical experts, and the population. These meetings will focus on deciding the most important adaptation measures and urgent actions that should be covered by the parametric insurance.

"Our flood risk is threefold: it can be pluvial, fluvial, and coastal. It is essential to better measure where the risk comes from, to deduce priority adaptation measures," noted Joseph Koamy Gomado, mayor of Golfe 1.

In the first year of implementation, Howden will provide the three Togolese municipalities with $100,000 as part of the agreement.

The Golfe 1, Golfe 7, and Kloto 1 municipalities have a combined population of 700,000 people.

Esaïe Edoh

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.