International Finance Corporation (IFC) provides €55M loan to Togocom

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Thursday, 11 January 2024 16:22

International Finance Corporation (IFC) provides €55M loan to Togocom

(Togo First) - The International Finance Corporation (IFC) will provide a €55 million (CFA36 billion) loan to the Togolese mobile operator TOGOCOM. The two sides inked the agreement on January 11, at the 13 February Hotel in Lomé, the capital.

Togocom will use the funds to modernize its infrastructure, expand its 4G network, and its fiber optic network, and improve the quality and speed of its internet offer.

“At TOGOCAM, we are very proud of playing a key role in the acceleration of the country’s digital transformation and improved connectivity for all Togolese citizens, wherever they are on the territory. This investment attests to our commitment to consistently support economic growth and service digitalization in Togo,” commented Pierre-Antoine Legagneur, Managing Director, TOGOCOM.

Under its digital transformation strategy, Togo aims to provide mobile internet to 95% of its population by 2025. Within the same timeframe, the country intends to provide internet access to all public administrations, and 95% of hospitals and schools.

“The partnership with the IFC is a major milestone, not only in regards to the better access to equipment and high-speed internet but also in terms of economic opportunities it will help generate for our people, ” declared Cina Lawson, Minister of Digital Economy and Digital Transformation. “Togo’s commitment to digital innovation, bolstered by this partnership, translates our determination to build a progressist and technologically advanced nation for future generations,” she added.

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)

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.