IB Bank-Togo inks financial deal with PIA, few months after Coris Bank

Wednesday, 30 November 2022 15:43
IB Bank-Togo inks financial deal with PIA, few months after Coris Bank

(Togo First) - IB Bank-Togo will financially support two firms located at the Industrial Platform of Adetikope (PIA). The lender signed the related financing agreement with the PIA last Friday, November 25, in Lomé. 

The two beneficiaries are Togo Soja and Togo Organics who will use the new funds to boost their agricultural output, invest in the construction of their factories, transform local products, and buy raw materials. Part of the funds will also finance the 2022-2023 agricultural campaign in Togo. 

Nabil Tahari, Head of IB Bank Togo, said the financing agreement shows the bank’s commitment to economic growth. It is worth noting that agriculture is one of the key strategic axes of IB Bank Togo.

"The Board of Directors of IB Bank and the entire management committee did not hesitate to approve all requests from the PIA to support the government both relative to industrialization projects and to the 2022-2023 agricultural campaign," said Tahari.

For his part, Commander Sandah Idiola, government representative at the PIA, believes that the deal materializes the country’s ambition to grow “by transforming our own input, in this case, agricultural input.” 

It should be emphasized that IB Bank-Togo had already committed to supporting the government’s 2020-2025 roadmap.

Let’s also note that IB Bank-Togo is not the first local bank to support the PIA. A few months ago, the PIA obtained CFA20 billion from Coris Bank, to bolster soybean processing.

Ayi Renaud Dossavi

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