MPs approve Togo’s adhesion to AIIB and AFC

Economic governance
Friday, 06 November 2020 15:43
MPs approve Togo’s adhesion to AIIB and AFC

(Togo First) - On November 5, the Togolese parliament approved the country’s adhesion to the Asian Infrastructure Investment Bank (AIIB) and the Africa Finance Corporation (AFC). 

Togo will leverage the two institutions’ support to “conceive, finance, and undertake infrastructure projects that will help our country grow,” declared Sani Yaya, Minister of Finance and Economy.

Founded by China, the AIIB is a multilateral finance institution dedicated to rising needs for infrastructure. As for the AFC, Africa’s second multilateral finance institution, it has injected about $4.2 billion in various projects carried out across the continent. The AFC was established to tackle insufficient investment in infrastructure in Africa. 

In the event Togo adheres to both institutions, it will have access to funds at lower rates, as well as to other partners to help it finance its 2020-2025 development roadmap. 

Séna Akoda

 
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