ECOWAS to put in place a $520mln credit line to develop fertilizer industry in West Africa

Agriculture

jeudi, 19 novembre 2020 13:08

ECOWAS to put in place a $520mln credit line to develop fertilizer industry in West Africa

(Togo First) - ECOWAS plans to support the private fertilizer sector in West Africa, through its investment and development bank, the EBID.

Talks were held between the EBID and the West African Fertilizer Association (WAFA), with a focus on providing the region a $520 million credit line - A line which the board of directors of the EBID had already approved.

Part of the funds should help finance projects to import fertilizers, buy trucks, and other logistics and transport equipment. Another part should be used for building storage facilities in the ECOWAS States.

Established in 2016, the WAFA brings together actors engaged in the fertilizer industry in the region and represents ECOWAS member States. To date, most of the fertilizers used by small scale farmers in West Africa pass through the association.

REFORMS OVERVIEW

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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 .

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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.

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PUBLIC PROCUREMENT (more info)

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