Togo: AfDB disburses CFA782 million for young men and women active in the agricultural sector

Agriculture
Friday, 07 August 2020 17:47
Togo: AfDB disburses CFA782 million for young men and women active in the agricultural sector

(Togo First) - 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 PAIAJ aims to facilitate the integration of about 620 disadvantaged youths (a third of which are women); and provide access to financing for 530 businesses of disadvantaged young people. These businesses (30% of which are owned by women) will also benefit from financial support. 

The agreement for the new facility was signed on August 6 by M. Yaya and AfDB’s representative in Togo. The signature also covered the budgetary support of CFA16.5 billion - as part of the COVID-19 Multi-Country Response Support Program (PAR-COVID-19), recently announced by the Bank. 

In addition to these two initiatives, the Togolese Finance Minister recalled that the AfDB's support extends to several other structuring sectors, especially through the financing of flagship projects falling under the NDP and impacting sectors such as governance, public finance, social, agricultural and energy.

To date, the Bank's portfolio in Togo exceeds CFA300 billion.

Ayi Renaud Dossavi

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