Togo: IFC teams up with Large Enterprises Association to better finance local SMEs and SMIs

Economic governance
Thursday, 16 March 2023 13:23
Togo: IFC teams up with Large Enterprises Association to better finance local SMEs and SMIs

(Togo First) - The International Finance Corporation (IFC) and Togo's Association of Large Enterprises (AGET) have partnered to support the country's small and medium-sized enterprises (SMEs). Olivier Buyoya, IFC's West Africa director, announced the partnership during a meeting with Prime Minister Victoire Tomegah-Dogbé on March 14.

Under the partnership, IFC will work with the government, large Togolese companies and other institutions to identify SMEs/SMIs based on their potential and help them secure financing.

"We really looked at the barriers that SMEs/SMIs face, and one of those barriers is access to finance, but there is also access to markets, access to information and tools that will help them grow," Buyoya said.

The support will be provided through the National Champions Support Initiative, a program that supports indigenous businesses and helps them grow.

The IFC is the financing arm of the World Bank. In Togo, it works with banks to support economic development. This partnership has helped provide over 600 loans to local SMEs, according to Sergio Pimenta, IFC's regional vice president for Africa.

Esaïe Edoh

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