Togo: BOAD Approves CFA30 Billion Additional Financing for Agropole Project

Friday, 28 June 2024 14:54
Togo: BOAD Approves CFA30 Billion Additional Financing for Agropole Project

(Togo First) - The West African Development Bank (BOAD) approved yesterday, June 27, a CFA30 facility to support the second phase of the Togo Agri-Food Transformation Project (PTA-Togo). This project aims to boost agriculture and reduce dependence on food imports in Togo.

The new funding will build on the success of the project's first phase, focusing on increasing the production of rice, corn, soy, sesame, broiler chicken, and cashew nuts. BOAD had already invested CFA10 billion in the project in 2018 and this new package will, according to the provider, be the key to accelerating Togo's agricultural transformation and boosting food security.

The project is expected to benefit around 800,000 people, with women making up 50% of the beneficiaries, while improving access to basic services–providing 10,000 people with drinking water and electricity. The project also includes building 10 agricultural processing centers or “agropoles”, the first being the Kara Agropole.

PTA-Togo aims to promote inclusive agricultural growth, create jobs, attract private investment in key agro-industrial sectors, enhance Togo’s agricultural infrastructure, and support small-scale farmers and agribusinesses.

The project was initially expected to cost CFA77 billion to develop. The African Development Bank (ADB) supports the project with $79.5 million, including grants and loans to improve agricultural infrastructure. The Nigeria Special Fund (NSF) has provided $5.6 million, and the Saemaul Globalization Foundation has contributed $5 million.

Launched in 2018, the PTA-Togo project is overseen by the Agence de Promotion et de Développement des Agropoles au Togo (APRODAT). The project was, however, delayed due to slow private investment. 

Fiacre E. Kakpo

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