Togo: BOA Togo backs women and youth-led projects with CFA1.5 billion financing

Economic governance
Monday, 04 December 2023 17:27
Togo: BOA Togo backs women and youth-led projects with CFA1.5 billion financing

(Togo First) - BOA Togo, a subsidiary of the Bank of Africa Group, recently announced a CFA15 billion financing to empower local businesswomen. The lender inked last Wednesday, Nov. 29, two partnership agreements with two associations: The AFCET and LIM IMPACT. 

The AFCET regroups Togo's women entrepreneurs while LIM IMPACT promotes equal opportunities for the Togolese youth and women. 

The AFCET will receive CFA1 billion to help its members expand within and outside Togo’s borders. LIM IMPACT will use the remaining CFA500 million to support its activities. 

Commenting on the package, Valentine Sama, boss of the AFCET, said: “This is an opportunity for our sisters to develop innovative projects and increase their impact on the local economy.”

According to Youssef Ibrahimi, MD BOA Togo, the two agreements will cover a year and could be extended.

The financing came from a $60 million facility that the BOA Group obtained from the International Finance Corporation (IFC) to cover half of the risks on a $120 million loan portfolio. With the IFC facility, BOA will support SMEs in eight African countries, including Togo. Half the funds are earmarked for women-led businesses and projects to combat climate change.

Esaïe Edoh 

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