2020-2025 development roadmap: Togo Invest’s functioning to be rethought

Economic governance
Monday, 14 December 2020 16:05
2020-2025 development roadmap: Togo Invest’s functioning to be rethought

(Togo First) - Without giving further details, the government announced it would rethink the mode of operation of the State holding Togo Invest. The move aims to help the organization better adapt to Lomé’s ambitions under its 2020-2025 development roadmap. 

Active since 2014, Togo Invest’s main mission until now was to accelerate investments in key projects. One of its main accomplishments was to invest in the Kékéli Efficient Power plant project. The holding did so through KIFEMA Capital, an investment vehicle. A group of local investors acquired 25% of the 65MW thermal plant. Financing for the project, which amounted to CFA60 billion, was co-arranged by Oragroup and the BOAD. 

In 2019, the government transferred some of its oil and gas assets to the holding. In detail, Togo Invest secured 100% of the Complexe pétrolier de Lomé SA (Compel), 40% of Société Togolaise de Stockage de Lomé SA (STSL), and 79.34% of Togo Oil Company SA (T-oil). 

Regardless, the State holding struggled to attract major investors on key projects such as the corridor project, the multipurpose logistics platform, the special economic zone, Cinkassé’s dry port, or the heavy rail project. 

This situation, according to the government, calls for restructuring.“Given the changing context of intervention and the lessons learned from the first years of implementation, Togo Invest's operational model needs to be rethought and adapted to better serve the Government's ambitions within the framework of the implementation of the Togo 2020 - 2025 roadmap.”

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