Mifa : Togo and Khalifa Fund sign financing memorandum of XOF7.5 bln

Wednesday, 05 February 2020 14:03
Mifa : Togo and Khalifa Fund sign financing memorandum of XOF7.5 bln

(Togo First) - The Agricultural Financing Incentive Mechanism based on risk-sharing (MIFA SA) will benefit from financing to the tune of XAF7.5 billion to support the development of SME/SMIs in agricultural value chains.

A memorandum, in that regard, was signed earlier this week by Hussain Jasim Al-Nowais, CEO of the Khalifa Fund, and Sani Yaya, Minister of Economy and Finance, representing Togo, during a ceremony attended by President Faure Gnassingbé, in Tchamba (about 375 km from Lomé).

Apart from the memorandum, another agreement was signed between the Mifa and African Lease Togo, with a view to financing companies providing mechanization services. The aim is to provide a hundred tractors to agricultural entrepreneurs with XOF2.3 billion investment.

Let’s note that the Mifa is aimed at creating a little over 13,000 jobs, for the benefit of young people and women particularly.

The project will support “2864 micro-enterprises, which will receive financing comprised between XOF2.5 and 5 million, to create about 8,600 jobs,” according to Aristide Agbossoumonde, head of the incentive mechanism. In addition, “676 small enterprises will benefit from bank financing of between XOF5 and 12.5 million, for the creation of 3,500 jobs,” and finally “163 medium-sized enterprises will have financing of between XOF12.5 million and 25 million, to generate 1,226 jobs.

Ayi Renaud Dossavi 

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