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Togo has successfully completed its second issue of Covid-19 bonds, getting WAEMU investors to raise CFA160 billion for the securities. The operation, through which the country was seeking CFA70 billion, was oversubscribed at a rate of about 230%.
Of the 160 billion mobilized, the Togolese treasury will retain 108 billion to tackle Covid-19. Nominal value for the securities issued -...
Last week, Togo recorded 82 new Covid-19 cases, after 92 the week before. This spike shakes the relatively stable epidemiological situation the country had been experiencing for many weeks (one of the least affected by the pandemic in West Africa).
The resurgence is attributable to new outbreaks in “Assoli, Soudou, Tachoudjo (where cases increased exponentially and should continue...
Last Monday, Togo closed a simultaneous issuance of T-bonds on the UMOA-Titres market. The country was able to raise a total of CFA36.5 billion for the operation but withheld CFA27.5 billion. The funds will be used to finance Togo’s 2020 budget.
In detail, the operation was broken down into two, and while both had a target of CFA 25 billion, they had different maturity periods - 36...
Lomé-based airline Asky and US travel technology giant Sabre Corporation signed a multi-year agreement under which the latter is to help the former boost its sales and support its expansion in Africa.
In effect, the pan-African carrier should take advantage of Sabre’s passenger service and the new platform it launched recently.
As part of the new agreement, “Asky will...
Yesterday, the West African Economic and Monetary Union (WAEMU) Commission donated supplies and funds to the Togolese State, as part of support to its member States facing the Covid-19.
The supplies, worth nearly CFA 871 million, include masks for health care personnel, and multi-use masks for populations, while the funds came in the form of a symbolic check of CFA 500 million. The country will...
A new incubator for industrial businesses will be established in Central Togo. This was announced by Germain Essouhouna Mèba, the president of the country’s chamber of trade and industry (CCIT), during a sensitization campaign targeting SMEs and SMIs active in the region.
The campaign’s goal was to encourage economic operators to submit their business plan; a process at the end of...
The African Development Bank (AfDB) will support Togo with CFA782 million to implement the Youth Agricultural Investment Support Project (PAIAJ).
The two-year initiative "ultimately aims at building the capacities of disadvantaged youths to facilitate their inclusion in the economic and social fabric of our country," the Togolese economy and finance minister, Sani Yaya, said.
Concretely, the...
Sectors that are most clobbered by Covid-19 will benefit from tax breaks. Adopted on July 30, these tax breaks are part of amendments to the 2020 finance law.
In effect, transport, hotels, restaurants, and all other accredited entities that operate in the tourism industry will benefit from a 25% reduction on the advance payment for a patent. Another measure concerns one-man businesses that pay...
To further tackle Covid-19, Togo will get from the African Development Bank (AfDB) €24.64 million. The provision of the facility, budget support, was recently approved by AfDB’s board after it was announced last June.
The facility breaks down into a loan (€7.34 million), a grant (€6.17 million), and another loan (€11.12 million) provided under AfDB’s Transition Support...
Hundred first-time entrepreneurs will benefit from an incubation program developed by Togo’s chamber of commerce and industry (CCIT). The beneficiaries will receive training at the Agbelouvé industrial site.
Germain Mèba, chairman of the institution highlighted that this is a mentorship and support program. It will focus on industrial businesses that produce, process, and or sell...
At last, planes which have been stuck for months on the tarmac of the Airport of Lomé due to anti-Covid 19 measures will be allowed to take off again, as of August 1.
Indeed, the Togolese government released on July 30 a press statement indicating that both domestic and international flights would resume. “Measures have been taken to guarantee, for the safety of air travelers and populations,...
Togo Terminal (TT) wants to digitize all container billing operations at the Port of Lomé.
The Togolese subsidiary of Bolloré Transports & Logistics, in charge of handling, announces that very soon it will launch the online invoicing of import containers in "unloading at the Terminal" mode and e-invoicing of export containers. This comes after having completed the 1st phase - making online...
Launched on July 28th, the Yolim digital lending platform for Togolese farmers has already mobilized over FCFA5.5 billion (around $10 million).
Every farmer registered on the platform has access to a credit e-wallet of FCFA96,000 which can be used to purchase fertilizers, pesticides, or rent tractors. According to the minister of the digital industry, Cina Lawson, more than 57,000...
Fifty million Euros (XOF38.2 billion). That is the amount of a loan the Ecowas Bank for Investment and Development (EBID) just received from the French Development Agency (AFD) to support sustainable economic transition within the community.
The financing agreement was signed between the two parties on July 28, at the EBID’s headquarters in Lomé.
Through the facility, the EBID...
Two Togolese, Kako Nubukpo, and Pascal Agboyibor were featured in Jeune Afrique’s recent top 100 most influential Africans.
The first, Prof. Nubukpo, is the dean of the Faculty of economics and management at the University of Lomé and a former Togolese minister of planning. The scholar who ranked 53rd on the media’s index is well-known by the press for his views on the CFA. In West...
Yesterday, July 27th, the University of Lomé (UL) and Cimtogo signed a partnership under which the former will develop industrial courses to meet the demand of the cement market, while the latter is to take as interns engineers and researchers who graduate from the academy.
As part of the win-win partnership, the UL will also assist the company in researching alternative materials that...